Ted Cruz: “I introduced the Sponsor act, which would hold tax exempt…”

“And now the Washington Trust foundation serves essentially as a real estate holding entity that per its own 990s, exists for the purpose of supporting the CARE foundation today. Well, and that's why I introduced the Sponsor act, which would hold tax exempt fiscal sponsors liable for what their sponsored entities do. The loopholes and the manipulation of our tax code needs to end. Ms. Claypock, since approximately 2022, have state and federal grant programs become a primary source of financial support for significant portions of of the CARE ecosystem?” (10:58–11:09)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.