Because of a loophole in state law, businesses incorporated as LLC's can
give unlimited contributions to state legislators.
Thursday's filings lay bare those donations and other jaw - dropping financial details of the first modern presidential campaign in which donors could
give unlimited contributions for political ads and in which both major party candidates declined to participate in a Watergate - era public financing system designed to limit fundraising.
«Today in the state if you want to
give unlimited contributions and hide that fact, the LLC loophole lets you do it.
At the moment, a single campaign donor can
give unlimited contributions through a network of limited liability companies or LLCs.
Not exact matches
Being able to
give massive political
contributions actually pales in comparison to the impact of being able to destroy a publication you don't like by combining the machinery of the courts with anonymity and
unlimited funds to bleed a publication dry.
But being able to
give massive political
contributions actually pales in comparison to the impact of being able to destroy a publication you don't like by combining the machinery of the courts with anonymity and
unlimited funds to bleed a publication dry.
A separate bill, also approved today, would shore up the legal uses for housekeeping accounts, which are used by party conference committees and can raise
unlimited funds with no
contribution limits (then - Mayor Michael Bloomberg in 2012
gave Senate Republicans $ 1 million to their housekeeping account).
A coalition of groups on Monday urged the state Board of Elections to prohibit the practice of allowing individual donors to
give unlimited campaign
contributions through a network of limited liability corporations.
Gianaris, of Queens, insisted that because Bruno is no longer an office holder or candidate, the money he
gave to the Senate GOP's main campaign account should be considered a donation, not an
unlimited transfer, and capped at the legal $ 109,600
contribution limit.
While in that instance money was routed through county committees in what election enforcement officials suspect was an effort to circumvent
contribution limits, both the Republican State Leadership Committee and Balance New York are outside, independent groups that can take and
give unlimited donations.
Defenders of
unlimited campaign
contributions like to think donors
give money to candidates whose views they share, or to lawmakers who have done a good job in office and need the money to win election and continue doing a fabulous job.