CPA Campaign Donations Favor Republicans
Ace investigative reporter Ken Rankin reports on campaign finance in the new Accounting Today.
“During the past four congressional elections, over 90 percent of the accounting profession’s campaign funds were donated to sitting congressmen and senators seeking re-election,” according to Rankin. “The remaining funds were likely to go to candidates for open congressional seats with no incumbents in the race.”
And, even though the GOP candidates collected most of the donations, Democrats stand to gain in homestretch. Some $3.4 million was awarded through primary season, with another $4 million in reserve for the final few weeks leading up to the general election.
Who gave how much to whom?
Here’s the latest rundown on accounting industry PAC activity for the 2008 elections:
- The AICPA’s PAC raised $666,770 for this year’s political campaigns and had another $426,172 left over from the 2007 elections. The association’s PAC-men dished out $546,191 to individual candidates so far in the current election cycle, with 57 percent of that money going to Republicans. The AICPA has over $132,000 remaining in the kitty for last-minute campaign contributions.
- Deloitte & Touche’s PAC, the nation’s 36th largest political fundraising group and rated among the most influential campaign organizations, collected $2.3 million for the 2008 campaign and paid out nearly $1 million more in donations to federal candidates in this year’s election. The Deloitte PAC favors Republicans over Democrats 59-41, and still had more than $1.8 million on hand to contribute during the closing weeks of this year’s campaign.
- Ernst & Young’s PAC assembled a war chest of more than $1.5 million for the upcoming elections, and has already contributed $530,000 to candidates. GOP candidates snagged 55 percent of E&Y’s donations, and the PAC had over $416,000 available to spread around during the campaign homestretch.
- KPMG’s PAC collected $1.8 million for this fall’s elections, and has so far paid out more than $600,000 to candidates. Republicans received 63 percent of KPMG’s PAC money, but the committee has more than $600,000 on hand to contribute during the final weeks of the 2008 campaign.
- PricewaterhouseCoopers’ PAC, rated as a “heavy hitter” by analysts at the Center for Responsible Politics, raised $2.3 million to influence this year’s elections. So far it has made roughly $800,000 in contributions to candidates, with 58 percent of the money going to GOP hopefuls. PwC still had more than $946,000 in reserve for last-minute contributions.
Posted at October 10, 2008
Filed Under BSG [CPA TRENDLINES] |
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