As I mentioned twice previously, I admire House Ways and Means Chair Dave Camp (R-Mich.) for putting out a detailed roadmap to a tax simplification plan. But assuming that Politico knows what it’s talking about (yes, there are a lot of unnamed sources in this piece but plenty of named sources as well):
Private equity and investment firms in New York are telling key Republican players in D.C. that commitments for big-dollar fundraising have been “canceled for the foreseeable future,” as a protest against some of the ideas in Camp’s tax proposal, including a new tax on banks and a loophole closure that would require private equity players to pay income taxes on more of their income.
Without Wall Street, Republicans risk their coffers emptying. The securities and investment industry is the largest contributor — besides candidate committees — to the National Republican Congressional Committee this cycle, directing $3.5 million to the party committee, according to the Center for Responsive Politics. In the 2012 election cycle, the financial services industry ponied up nearly $9.9 million.
But there’s something twisted and wrong about the way Politico, as it has for days, continues to pound on Camp for his naivete and just plain political idiocy for even putting his long-contemplated tax reform ideas out in an election year. As in the video below.
Every even numbered year is an election year. And every odd-numbered year is the year before an election year. Just avoid doing anything that might tick anyone off — especially anyone in your donor base — in odd or even years and everything will be just fine.