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HEDGEPAPERS
No.4How Hedge Funds Purchased
Albanys Lawmakers
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y
An analysis by Competitive Advantage Research, which examined the
campaign spending of 570 hedge fund managers and senior executives
over the past fifteen years, shows that hedge fund managers have exercised
considerable influence over lawmakers in New York.
We believe that this is the most comprehensive analysis of hedge fund
campaign cash ever undertaken in New York.
The level of influence peddling from these hedge fund titans is staggering,
especially when considering that the $39.6 million figure excludes lobbying
and contributions to dark money organizations.
In addition to this sum, hedge fund managers have spent $2.53 million
filling the coffers of the New York State Democratic Party Committees
Housekeeping fund, a Cuomo-controlled slush fund that has been used to
pay for advertisements to support the Governor[1].
Cuomos ties to the hedge fund industry are exceptionally troubling as his
latest ethics reform proposal does not end the so-called LLC loophole,
which allows wealthy individuals to easily circumvent maximum donation
restrictions [2].
A thorough review of campaign finance records shows that 570 hedge fund
managers and top executives have contributed $39,642,505.92 to more
than 1,500 candidates and committees since 2000.
Topping the list of recipients is Gov. Andrew Cuomo, who raked in
$4,832,140.34 over his tenure as Governor and Attorney General.
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As has been reported in Capital New York, Cuomo relies on a small
network of very wealthy donors, who use the LLC loophole to bankroll his
campaigns[3]. This loophole all but ensures that the power of the wealthy
will always drown out the voices of millions of New Yorkers.
The second highest recipient of hedge fund largess was New Yorkers for
a Balanced Albany, an independent expenditure committee backed by
ten billionaires that helped flip the New York State Senate to Republican
control in 2014.
While this group claims to support education reform, it appears to be little
more than a shield to hide the influence of the billionaires. None of the
$4.2 million in ads run by New Yorkers for a Balanced Albany dealt with
education issues. Instead, several of the attack ads focused on undercutting
public campaign financing, another campaign finance reform that would
restrict the outsize influence of the wealthy in Albany.
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Chart: Hedge fund contribution and spending through New Yorkers for a Balanced Albanysecond largest recipient
of hedge fund cash, after Governor Cuomo
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A New York tax structure that lets them pay lower tax rates than workingpeopleand avoid some taxes altogether.
Hedge fund managers and billionaires in the richest one percent pay a
smaller share of their income in combined state and local taxes than do
lower- and middle-income families, according to a recent report from the
Institute on Taxation and Economic Policy.[4]
The richest 1% of households in New York (those earning more than
$600,000 per year) pays a tax rate of just 8.1 percent in state and local
taxes.
The working poor pay a higher rate than the wealthy: New York households
with incomes under $18,000 pay 10.4% of their income in state and local
taxes.
The middle class pays a higher rate than the wealthy: New York households
earning between $35,000 and $58,000 pay 12 percent of their income in
state and local taxes.
As a result, some of the wealthiest hedge fund managers in New York areactually paying a smaller share of their income in taxes than their limousine
drivers, dry cleaners, servants, helicopter pilots and doormen.
WHAT THE HEDGE FUND
MANAGERS BOUGHT:
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Here in New York, the wealthiest one-one hundredth of the top one percent
(generally hedge fund managers, real estate barons and CEOs of large
corporations) have average incomes of $69.6 million.
New Yorks state income tax applies a higher rate to the incomes of the
rich, but it is not enough so to offset the effects of regressive sales and local
property taxes.
All that campaign cash has helped buy a state and local tax system thatsregressive where the wealthy actually pay less than the poor and middle
class, and nowhere near their fair share.
Percentage of State and Local
Tax Burden by Income Group[5]
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In addition to benefitting from the general regressive structure of state and
local taxes, hedge fund and private equity managers benefit from a number
of specific elements of the tax code that benefit them, largely at the expense
of the rest of us.
This preferential tax treatment has resulted in billions in lost revenue to the
state of New York, and to reduced resources for essential public goods like
education, infrastructure and mass transit.
The result: the wealthy and well-connected get big more tax breaks to
allow them to grow even wealthier, and the middle class gets reduced
services and higher taxes relative to income.
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Hedge funds and hedge fund managers use a number of specific loopholes
in federal, state and local law to avoid taxes in New York.
Hedge funds use the carried interest loophole to avoid fair taxation
Federal legislation to close the carried interest loophole is estimated to
generate $17 billion dollars over ten years, an average of $1.7 billion per
year[6].
When a hedge fund manager invests capital provided by a limited partner,they typically take a share of the profits from that investment as a fee. That
share is known as carried interest. This income should be subject to
taxation, the same as any other incomebut it isnt.
Lost revenue under the loophole is largely the result of taxing personal
income derived from carried interest at the difference between the federal
capital gains rate and the top individual income tax ratethat difference is
19.6 percentage points.
HEDGE FUNDS AND HEDGE FUND
MANAGERS ARENT PAYING THEIR
FAIR SHARE IN TAXES
By defining a large portion of their massive income as carried interest,
hedge fund managers avoid fair-share taxes at the federal, state and locallevel in New York.
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Essentially, this is performance compensation just like tips for a waiter or
waitresses are performance compensation. But while a waitress is obliged
to pay full income tax on this money, a hedge fund manager isnt.
A new 19.6 percent surtax on carried interest, if adopted by all the states,
would generate $1.7 billion per year. Each one percent of surtax would
generate $89.5 million per annum nationwide. The Fiscal Policy Institute
estimated in 2008 that 44% of the earnings of private equity occurred in
New York City.[7]
If we assume that holds true today, then a 2.5 percent surtax applied to
hedge fund income that is not being taxed appropriately at the federal
level would generate $100 million per year for New York, repatriating lost
revenue for use to fund schools and essential public services here.
Problem: Non-resident hedge fund managers are dodging New York State
income taxes on much of their incomeThe 2010 Executive Budget proposal proposed to expand the nonres-
ident personal income tax to include income received from hedge fund
management fees. Currently, only a small portion of such income is taxed
as compensation, with the remainder deemed tax-free capital gains. This
proposal would result in equal treatment of this income for residents and
nonresidents, and raise at least $50 million per year.
Problem: The carried interest loophole allows hedge funds to avoid many
New York City business taxes.The City taxes a portion of the fees received by managing partners in
private equity and hedge funds under its business tax system but exempts a
portion known as carried interest from taxation.
When a fund manager invests capital provided by a limited partner, they
typically take a share of the profits from that investment. That share is
known as carried interest, and avoids City taxes.
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Eliminating this loophole would put the taxation of private equity and
hedge funds on the same footing as that of thousands of smaller businesses.
The New York City Independent Budget Office has estimated that
eliminating the carried interest exemption from the New York City
Unincorporated Business Tax would yield $200 million a year.[8]
Problem: Hedge funds and luxury real estate developers use LLCs(limited liability corporations) to solicit huge investments, shield investors
and limit taxation.
Some LLCs have huge amounts of New York State gross income but they
dont pay their fair share in taxes and fees, unlike the small-to-medium
sized businesses that anchor most communities.
From 2003 to 2006, New York instituted a fair-share LLC fee structure,
which was later replaced with a flat-fee structure that allows hedge funds
and speculative investment pools to avoid their fair share of the cost ofpublic goods.
Since some LLCs have massive gross income, it would be fitting to apply
roughly the same minimum taxes for other corporations (i.e. the 9A
corporate tax) to the LLC fee structure.
The current 9A structure includes a fixed-dollar minimum corporate tax
for businesses with gross income of $500M-$1B at $100,000, and for those
with gross income > $1 B, the fixed dollar minimum tax is $200,000.
For 2015, DOB projects that the current LLC fee structure will generate
$88 million. According to analysis by the Fiscal Policy Institute, a
fair-share fee structure is projected to generate approximately $600 million,
or roughly $500 million more than the existing fee structure.
Problem: Cuomo eliminated the corporate minimum tax
NYS GroSS iNcome New fee Structure
< $1 millioN
$1-5 millioN
$5-10 millioN
$10-25 millioN
$25-100 millioN
$100-500 millioN
$500 millioN-1 billioN
$1 billioN +
exempt
$3,000
$5,000
$10,000
$25,000
$50,000
$100,000
$200,000
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The business tax reform package enacted by Governor Cuomo in 2014
will cost the state $440 million or more annually in reduced taxes when
fully phased in.
Cuomos changes eliminated the capital base alternative tax (corporate
minimum tax), which could result in some very large corporations paying
a miniscule amount of tax relative to the volume of business they conduct in
New York possibly including hedge funds.
It should be restored and the cap increased to $25 million, to make sure big
corporations doing business in New York pay at least some taxes.
Problem: Multi-millionaires and billionaires with huge yearly personal
incomes are paying a smaller share of their income in state and local taxes
than the middle class.
New Yorks current temporary top income tax bracket is 8.82% for
incomes of $2 million and over and it is set to expire in 2017.
In 2010, there were about 3800 households filing taxes in New York with
incomes at or over $10 million per year.
A new 11% tax rate for this group would generate $1.7 billion per year in
fair-share revenue for schools and services. Less than half (47%) of those
affected are full-year New York State residents many are hedge fund
managers with homes all around the world.
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Instituting these new top rates would put the combined New York City and
New York State top rate very close to the combined rate for California and
San Francisco, leaving Silicon Valley wealth and hedge fund/Wall Street
wealth comparably taxed.
Problem: Wall Street trading firms making billions in profit and getting
taxpayer subsidies
Right now, investments in buildings and equipment used by broker/dealers
are eligible for an investment tax credit. The credit is complex, subject
to extensive recapture and concentrated among relatively few taxpayers,
providing benefits to an extremely affluent and limited segment of the
financial services industry.
For the last year for which data is available only 28 filers used this credit.[9]
This reform was recommended by the Solomon/McCall Tax Reform and
Fairness Commission and was also proposed by Governor Cuomo inJanuary 2014.[10]
Problem: Luxury Manhattan apartment owners from out of state or
overseas that dont live in their multi-million-dollar condos but still get
special tax breaks
This reform gives pied-a-terre owners a choice: live full-time in your apart-
ments and get tax breaks, or dont live in them full-time and give up the
breaks.
If each of the roughly 90,000 absentee-owner units in New York City
were assigned a very modest average market value of $1.5 million each
and a current tax assessment that with 421a benefits, phase-in caps and
improper assessments equals about one-quarter of the real market value of
the unit.[11]
With these assumptions, a 1.1 per cent tax rate on true market value would
produce more than $900 million in new city revenues annually.
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The Fiscal Policy Institute, using a similar analysis, has recommended that
New York City introduce a graduated 4 percent tax based on comparable
sales for all absentee-owner units with a market value of more than $5
million; that proposal, which would concentrate the tax burden on units
worth more than $25 million, would bring in an estimated $250 million in
new revenue every year.[12]
The state STAR program recently instituted a similar ban on tax breaks for
second homes.
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Fair-share taxes and fees targeting hedge funds, billionaires, high-income
LLCs and tax-dodging big corporations can raise between $3.1 and $4.2
billion dollars per year more than enough to pay for complete compliancewith the Campaign for Fiscal Equity (CFE) decision, ensuring fair
funding for all public schools.
Lawmakers should move forward with enough of the fair-share revenue
options outlined in this report to ensure that this years state budget
includes $2.2 billion in new school aid to comply with CFE and pay down
Gap Elimination Adjustment arrears.
CLOSE HEDGE FUND TAX LOOPHOLES Repatriate New York State Share of Tax Revenue Lost to Federal
Carried Interest Loophole: $100 million
Tax Nonresident Hedge Fund Management Fees: $50 million
Eliminate the Carried Interest Exemption under New York Citys
Unincorporated Business Tax: $200 million
FAIR-SHARE REVENUE OPTIONS
WOULD ENSURE HEDGE FUNDS
DONT DODGE TAXES AND FULLYFUND OUR PUBLIC SCHOOL SYSTEM
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These initiatives close the carried interest loophole that lets hedge funds
making billions in profits pay less in taxes than small businesses in our local
communities, and assure that hedge fund managers working in New York
but living elsewhere pay their fair share of taxes.
INSIST ON MINIMUM FAIR-SHARE TAXES FROM HEDGE FUNDS AND
BIG CORPORATIONS Restore the Capital Base Alternative Tax (Corporate Minimum Tax)
to the Corporate Franchise Tax: $500-$700 million
Update LLC filing fees (applies to LLCs & non-LLC partnerships):
$500 million
Repeal the Financial Services Investment Tax Credit: $30 million
These initiatives assure that high-income LLCs, Wall Street and big
businesses pay their fair share, while protecting local small businesses inour communities.
ENSURE THE SUPER-RICH PAY THEIR FAIR SHARE
New top brackets on Personal Income Tax (PIT) 11% at $10M: up to
$1.7 billion
Close the Pied-a-terre Tax Abatement Loophole: $250-$900 million
Helicopter Commuter Tax: $10 million
These initiatives ensure that billionaires and multi-millionaires pay their
fair share of taxes, and close property tax loopholes benefitting the absentee
owners of luxury Manhattan condominiums.
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Data from the State Education Department shows that public schools in
New York State are owed $5.9 billion in Foundation Aid and Gap Elimi-
nation Adjustment funding. These public schools have been chronically
underfunded for years, as the states highest court found in the Campaign
for Fiscal Equity (CFE) ruling.
Now, more than twenty years since the CFE lawsuit was filed and ten years
since the final decision was delivered by the Court of Appeals, the stateis still neglecting its constitutional obligation to provide a sound basic
education for all New York City students.
This years state budget must include $2.2 billion in new school aid to
comply with CFE and pay down GEA arrears.[13]
Governor Andrew Cuomo has failed to live up to his constitutional
obligations to New York States school children. Governor Cuomo has
consistently failed in his obligation to provide the resources necessary for
all New York City students to receive the sound basic education that is
guaranteed by New York States constitution.
CUOMOS DEBT TO PUBLIC SCHOOL
STUDENTS PERPETUATES RECORD-
SETTING INEQUALITY
Under Governor Andrew Cuomo, New York state government has failed
to live up to the CFE ruling, continuing to underfund public schools and
stubbornly refusing to pay what the courts have said is owed to them.
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Governor Cuomo is delinquent in the amount of $5.9 billion, owed to the
New York State schools as a result of the Campaign for Fiscal Equity.[14]
Governor Cuomo has ignored CFE altogether despite promising to fund it
when he ran for Governor in 2010. In his entire tenure he has never once
proposed an increase in the Foundation Aid funding which is required in
order to fulfill CFE.
Every Senate and Assembly District is owed tens of millions of dollars in
funding for their schools in order for the state to fulfill its constitutional
obligations to provide a sound basic education. The states funding delin-
quency affects every neighborhood in every school district.
As a result of underfunding, students are being shortchanged as schools
have inadequate supplies, overcrowded classrooms, insufficient numbers of
guidance counselors and social workers, understaffed and under resourced
libraries, underfunded arts and sports programs, lack of sufficient tutoring
and other supports for struggling students and reduced curriculum
offerings and after school options.
These classroom cuts have the greatest negative impact on students in
high-needs schools with large concentrations of students in poverty,
students with disabilities and English language learners.
Fair-share taxes and fees targeting hedge funds, billionaires, high-income
LLCs and tax-dodging big corporations can raise between $3.1 and $4.2
billion dollars per year more than enough to pay for complete compliance
with the Campaign for Fiscal Equity (CFE) decision and paying back the
GEA arrears, ensuring fair funding for all public schools.
Governor Cuomos delinquency perpetuates inequalitywith the oppor-
tunity gap between wealthy and poor districts now at $8,733 per pupil. [15]
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WHO ARE THE HEDGE CLIPPERS?
The Hedge Clippers are working to expose the mechanisms hedge fundsand billionaires use to influence government and politics in order to
expand their wealth, influence and power. Were exposing the collateral
damage billionaire-driven politics inflicts on our communities, our
climate, our economy and our democracy. Were calling out the politicians
that do the dirty work billionaires demand, and were calling on all
Americans to stand up for a government and an economy that works for
all of us, not just the wealthy and well-connected.
The project is supported by the Strong Economy for All Coalition, a
coalition of labor unions and community groups working to fight income
inequality and build shared prosperity and economic & social justice in
New York and around the country.
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[1] http://blog.timesunion.com/capitol/archives/187527/common-cause-decries-soft-money-housekeeping-slush-funds/
[2] http://www.propublica.org/article/cuomo-has-raised-millions-through-loophole-he-pledged-to-close
[3] http://www.capitalnewyork.com/article/albany/2014/12/8558028/how-cuomo-raised-big-money-small-number-donors
[4] http://www.itep.org/whopays/
[5] Source: Institute on Taxation and Economic Policy (ITEP), January 2015
[6] http://ctj.org/ctjreports/2014/07/addressing_the_need_for_more_federal_revenue.php
[7] http://www.fiscalpolicy.org/FPI_RethinkingTaxTreatmentOfCarriedInterest.pdf
[8] http://www.ibo.nyc.ny.us/iboreports/options2013.pdf
[9] http://www.capitalnewyork.com/sites/default/files/131115__Incentive_Study_Final_0.pdf
[10] http://www.capitalnewyork.com/sites/default/files/131115__Incentive_Study_Final_0.pdf
[11] http://fiscalpolicy.org/fpi-proposes-tax-on-most-expensive-nyc-pied-a-terre-residential-units
[12] http://fiscalpolicy.org/fpi-proposes-tax-on-most-expensive-nyc-pied-a-terre-residential-units
[13] http://www.aqeny.org/wp-content/uploads/2015/02/legislative-prioririties-final.pdf
[14] http://www.aqeny.org/wp-content/uploads/2014/08/REPORT-NY-Billions-Behind.pdf
[15] http://www.aqeny.org/wp-content/uploads/2015/01/final-final-record-setting-inequality.pdf
FOOTNOTES:
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RAW TRANSACTIONS
corp_name name_first name_last filer_name
ROBERT MILLER NYSAIFA - PAC
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ROBERT MILLER NYSAIFA PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
ROBERT MILLER NYSAIFA - PAC
RODNEY BERENS OYSTER BAY CITIZENS FOR CLEAN WATER, OPEN SPACE & PARKS A PROJECT
ROBERT MILLER PATERSON FOR GOVERNOR, INC.
BROOKE NEIDICH PATERSON FOR NEW YORK
DANIEL NIR PEOPLE FOR BING
JOHN DYSON PEOPLE FOR BING
BROOKE NEIDICH PEOPLE FOR BING
BROOKE NEIDICH PEOPLE FOR BING
JAMES BUCKMAN PEOPLE FOR BING
BRIAN ZIED PEOPLE FOR BING
JOHN SABAT PEOPLE FOR BING
CHARLES LEDLEY PEOPLE FOR BING
JOHN PETRY PEOPLE FOR BING
SAMANTHA KAPPAGODA PEOPLE FOR BING
JONATHAN LEWINSOHN PEOPLE FOR BING
JOHN SABAT PEOPLE FOR BING
CHRISTOPHE DELONG PEOPLE FOR BRIAN KAVANAGH
ELIZABETH MILLER PEOPLE FOR BRODSKY
DENNIS WINTER PEOPLE FOR COLAVITA
CLAIRE SILBERMAN PEOPLE FOR DEBRA COOPER
CHARLES LEDLEY PEOPLE FOR JEFFRIES
JOHN PETRY PEOPLE FOR JEFFRIES
GEORGE HALL PEOPLE FOR JOHN LIU
JAMES WONG PEOPLE FOR JOHN LIU
JAMES LIN PEOPLE FOR JOHN LIU
JILL BRAUFMAN PEOPLE FOR LAPPIN
JAMES HABER PEOPLE FOR LAPPIN
FRANK SICA PEOPLE FOR O'CALLAGHAN
DAVID NOLAN PEOPLE FOR RAVITZ
RAW TRANSACTIONS
corp_name name_first name_last filer_name
PETER MCKOWN QUINN FOR NEW YORK
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C O QU O O
PETER MCKOWN QUINN FOR NEW YORK
PETER MCKOWN QUINN FOR NEW YORK
CARL BOWEN REDLICH
PAUL SOHN RESHMA FOR NEW YORK
JOHN PETRY RUBEN DIAZ FOR STATE SENATE
FRANK BROSENS SALAND FOR SENATE
MARSHA LAUFER SANCHEZ FOR ASSEMBLY 02
MARSHA LAUFER SCHAB FOR SENATE
CLAIRE SILBERMAN SCHNEIDERMAN 2014
BROOKE NEIDICH SCHNEIDERMAN FOR ATTORNEY GENERAL, INC.
WHITNEY TILSON SCHNEIDERMAN FOR ATTORNEY GENERAL, INC.
JAMES WALKER SEAN COFFEY FOR ATTORNEY GENERAL
JOHN DYSON SENATOR MARTY MARKOWITZ COMMITTEE
PETER MAY SERRANO FOR STATE SENATE
STEVEN COHEN SNYDER FOR DA, INC.
JOSEPH KAPLAN SNYDER FOR DA, INC.
DWIGHT ANDERSON SNYDER FOR DA, INC.
PAUL HILAL SNYDER FOR DA, INC.
CRAIG EFFRON & COMPANY SPITZER 2002
JEFFREY PERRY SPITZER 2002
CATHY LASRY SPITZER 2002
CAROLYN SCHENKER SPITZER 2002
MARK FIFE SPITZER 2002
LISA PERRY SPITZER 2002
ANDREW FRIEDWALD SPITZER 2002
DOUGLAS HIRSCH SPITZER 2002
EVAN SHEINBERG SPITZER 2002
ROBERT MILLER SPITZER 2010, INC.
CHARLES CRONIN SPITZER 2010, INC.
MELVILLE STRAUS SPITZER PATERSON 2006
ROBERT MILLER SPITZER PATERSON 2006
ALAN SCHWARTZ SPITZER PATERSON 2006
ALAN SLIFKA SPITZER PATERSON 2006
MARJORIE KAUFMAN SPITZER PATERSON 2006
CLAIRE SILBERMAN SQUADRON FOR NEW YORK
MITCHELL KATZ SQUADRON FOR NEW YORK
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RAW TRANSACTIONS
corp_name name_first name_last filer_name
PAUL ISAAC ATTORNEY AT LAW FRIENDS OF TIMOTHY WROBLEWSKI
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ANTHONY SCARAMUCCI FRIENDS OF TOM DINAPOLI
JOHN ROGERS FRIENDS OF TOM SUOZZI
MICHAEL HADDAD FRIENDS TO ELECT MICHAEL HADDAD
KATHLEEN MURPHY HEALTHCARE ASSOCIATION OF NEW YORK STATE PAC (HANYS PA
BRIAN OLSON IRONWORKERS POLITICAL ACTION LEAGUE
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ROBERT MILLER J Y TRANS PAC
ELIZABETH MILLER J Y TRANS PAC
ELIZABETH MILLER J Y TRANS PAC
ELIZABETH MILLER J Y TRANS PAC
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176/184
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RAW TRANSACTIONS
corp_name name_first name_last filer_name
JAMES WALKER DEMOCRAT, REPUBLICAN, INDEPENDENT VOTER EDUCATION (D.R.I
JAMES KIRBY FRIENDS OF ED WEHRHEIM
JAMES KIRBY FRIENDS OF KEVIN MALLOY
JOEL GREENBERG FRIENDS TO ELECT FRANK D. LOMBARDI
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JOHN BROWN RENSSELAER COUNTY DEMOCRATIC COMMITTEE
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184/184