Tax loopholes cited in push for NY campaign reform
Posted at: 02/24/2013 11:07 AM
By: Associated Press | WHEC.com
Advocates for campaign finance reform say new research shows multinational corporations whose offshore tax havens cost New York government $2.4 billion yearly donated $670,000 to the state's legislative candidates in the last election cycle.
The corporations gave the most campaign money - more than $396,000 - to party committees, mainly for majority Senate Republicans and Assembly Democrats.
The largest contributors among 11 corporations in the report are PepsiCo and Pfizer at more than $116,000 each. They're followed by banks JP Morgan Chase at $115,000, Citigroup at $109,000 and Bank of America at about $86,000.
The advocates, including Citizen Action of New York and Democracy Matters, want New York lawmakers to pass legislation for publicly financed elections with a system for matching small donations.