Would it surprise you to learn that the Cleveland Clinic, which is a 501(c)(3), tax-exempt, nonprofit charitable organization, made more than $1 billion in profits in 2024?

It was $1,078,933,223 to be exact, and the “nonprofit’s” profits were $827 million in 2023, $1.3 billion in 2020, and $2.1 billion in 2021. 

This isn’t just an Ohio problem. Many of the largest so-called nonprofit hospital systems in America are enjoying the best of both worlds. They collect generous tax exemptions worth roughly $37 billion a year, courtesy of the American taxpayer, while behaving in ways that would make Wall Street portfolio managers blush. That arrangement is finally starting to attract the scrutiny it deserves in Congress, and not a moment too soon.

On July 1, the U.S. House Ways and Means Committee, under the leadership of Chairman Jason Smith of Missouri, advanced H.R. 9504, the Tax-Exempt Hospital Transparency Act. Introduced by Republican Rep. Greg Murphy (NC-3), himself a practicing physician, the bill cleared committee on a 25-15 vote. The commonsense bill would require tax-exempt hospitals to disclose more information on their IRS Form 990 filings, apply tougher reporting standards to the biggest players,........

© Townhall