Hedge Clippers White Paper No.4: How Hedge Funds Purchased Albany's Lawmakers

7/21/2019 Hedge Clippers White Paper No.4: How Hedge Funds Purchased Albany's Lawmakers

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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:

APPENDIX


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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









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


PETER MCKOWN QUINN FOR NEW YORK


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C O QU O O



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


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




























ELIZABETH MILLER J Y TRANS PAC




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RAW TRANSACTIONS


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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Hedge Clippers White Paper No.4: How Hedge Funds Purchased Albany's Lawmakers

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Transcript of Hedge Clippers White Paper No.4: How Hedge Funds Purchased Albany's Lawmakers