milicorn

ruminations on international financing and whatever

Saturday, April 29, 2006

Two that support the tax

18 families worth a total of $185.5 billion have financed and coordinated a 10-year effort to repeal the estate tax, a move that would collectively net them a windfall of $71.6 billion.

The families and their businesses, which include the families behind Wal-Mart, Gallo wine, Campbell’s soup, and Mars Inc., maker of M&Ms. Collectively, the list includes the first- and third-largest privately held companies in the United States, the richest family in Alabama and the world’s largest retailer.

These families have sought to keep their activities anonymous by using associations to represent them and by forming a massive coalition of business and trade ssociations dedicated to pushing for estate tax repeal. The report details the groups they have hidden behind – the trade associations they have used, the lobbyists they have hired, and the anti-estate tax political action committees, 527s and organizations to which they have donated heavily.

The families have taken advantage of the loophole in campaign finance law that allows corporations and wealthy individuals to evade campaign finance regulations by contributing “soft money” to unregulated Section 527 groups. More than 41 percent ($11.4 million) of the money the families have contributed has gone to 527 groups. They have been among the top fundraisers of two prominent 527 groups, the Club for Growth and Progress for America.

Progress For America Voter Fund 527 R $6,600,000
Club for Growth Inc. 527 R $1,373,700
America Coming Together - Nonfederal Account 527 D $657,000
Committee for Quality Education 527 R $341,500
Restoring the American Dream 527 R $137,000
Sources: Center for Responsive Politics and Public Citizen analysis of Section 527 data maintained by the Center for Public Integrity. plus poor plus values plus advocacy