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The coffers of some Republican congressional candidates received a boost from the private equity sector as a major PAC representing the industry’s largest players doles out contributions.
The American Investment Council PAC has donated more than $243,000 to candidates in both the House and Senate since 2018, according to an Axios analysis of FEC records, and 65% of those funds were sent to Republican candidates.
Some of the senators who received funding from the PAC include Senate Majority Leader Mitch McConnell, R-Ky., Sen. Susan Collins, R-Maine, and Sen. Thom Tillis, R-N.C.
Eight of the nine Senate candidates that the group contributed to were Republicans, while 22 of the 38 House candidates who received money were Democrats.
The group, whose members include leading private equity and growth capital firms, does not donate to the campaigns of presidential candidates.
A spokesperson for the AIC PAC told Fox News that the group contributes to elected officials from both sides of the aisle who "support legislation and policies that will encourage more private investment across the country.”
Private equity groups tend to favor Republican candidates, who are seen as having more favorable tax and regulatory policies for business.
Among the PAC’s stated priorities, for example, is “opposition” to policies that would tax carried interest capital gains as ordinary income. Democratic nominee Joe Biden has proposed taxing capital gains at ordinary income rates, and Democrats have discussed eliminating the carried interest loophole.
Biden has also advocated for raising the corporate tax rate to 28%, from the current rate of 21%.
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