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Top GOP Dealers Close Their Wallets on Tax Law



The stalemate is somewhat ironic because the tax changes in the midterm elections play a key role for voters. Meanwhile, Democrats have accused the Republicans of providing the richest Americans with the law: In a press conference earlier this year, Nancy Pelosi, the House Minority Leader, warned that the republican tax plan should "fill up the pockets of GOP donors, leaders, and large corporations." the cost of everyone else. "

But some of the republican party's powerhouse donors feel deeply affected by the law and have made known their displeasure to their party leaders by closing their wallets, according to several sources familiar with the situation – the one with CNN Although some of the donors have not written off the contributions to individual campaigns or even to the Republican National Committee, all have so far withheld contributions to the Republican campaigning groups of the House of Representatives and the Senate, who are key figures in the 201

8 midterm elections (19659002). The boycotted funders, all leading hedge funds, include Paul Singer of Elliott Management, Citadel Ken Griffin, Warren Stephens of Stephens Inc., Cliff Asness of AQR, Bruce Kovner, formerly Caxton, and Daniel Loeb of Third Point Donations during the election cycle 2016 m over $ 50 million for Republican groups. Singer ranked among the top 10 donors of both parties, while Griffin and Stephens ranked in the top 20.

Together, they have resisted what they see as the preferred treatment for businesses under the law. While the corporate tax rate has been reduced from 35% to 21%, hedge funds are taxed at the largest single tax rate, falling from 39.6% to 37%.

Now, these donors deprive their frustration over the Congress Republicans drafted the legislation. The split has received a high price: since the new tax rules were passed at the end of last year, the generous support of the republican groups of the House of Representatives and the Senate has dried up noticeably.

Although Singer has donated six figures to the Republican Nationalist Committee this year and has directly championed the campaigns of Martha Roby and Claudia Tenney, he is untypically not sponsored by Republican House and Senate groups. Stephens' only obligation was to focus on a few congressional campaigns in his home state of Arkansas. Griffin has not donated any federal campaigns or committees this year, according to FEC data, although a source familiar with his thoughts said donations are made to congressmen and national republicans.

Asness donated $ 250,000 to the Congressional Leadership Fund last year, along with more than six numbers at the NRCC – but has not passed the tax bill since Trump. Loeb backed Mitt Romney's Senate campaign in Utah and Roby's re-election, but did not open his purse for any national Republican groups. And Kovner did not donate to federal candidates or committees this year – after giving six-figure sums to the NRSC and Paul Ryan's PAC last year.

Representatives of Stephens and Griffin refused to comment on their behalf; Representatives of the other donors did not answer any questions. The Congressional Leadership Fund, the Senate Leadership Fund and the National Republican Congressional and Senatorial Committees do not comment.

However, when the emotions are high, some Republicans are privately skeptical that the stalemate is sustainable – believe in the donors ultimately, especially given the range of potential democratic majorities in Congress.

"These big donors are traditional republican donors," one person said. "They are still believers in the matter."


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