Newman’s Own, the Westport food company founded by Paul Newman, faces a crippling tax penalty that threatens the iconic Connecticut’s company’s philanthropic mission.
“We have to be prepared that we will not be able to sustain our giving, or manage it the way we should in the future,” said Bob Forrester, president and CEO of the Newman’s Own Foundation. “I hope that’s not the case, but I can’t see it any differently.”
Since its 1982 founding, Newman’s Own has given away nearly $500 million.
Newman’s Own has sought for years a change in the federal tax code that prohibits foundations from owning more than 20 percent of voting stock in a for-profit...