Martin A. Sullivan, an economist with Tax Analysts, used to work on tax legislation as an economist for the congressional tax committees. Now he covers tax policy for Tax Notes magazine. In the September 3, 2001, edition of Tax Notes, Sullivan looks at the correlation between having a seat on the powerful Senate Finance Committee and raising funds for a reelection campaign. Interestingly, reports Sullivan, two of the top fundraisers on the committee during the 2000 elections lost their reelection bids. And one of them chaired the committee at the time.
Sullivan finds that the average amount ($3.5 million) raised by members of the Senate Finance Committee during their 2000 reelection cycles actually is less than the average amount ($5.3 million) raised by Senators seeking reelection who were not on the Committee. He suggests that one reason for this result might be that many members of the Committee represent states with small populations and, therefore, they don't need large campaign treasuries. However, members of the Senate Finance Committee generally do raise more money than Senators from the same states who are not on the Committee.
The conclusion? Assignment to the Senate Finance Committee may be an important factor in raising funds for reelection, but the need for the funds (e.g., a strong opponent) is a more important factor than the sources of campaign contributions that become available to Senators who secure a seat on the Committee.
Please contact Tax Analysts for the full text of Sullivan's article.
About Tax Analysts
Tax Analysts is an influential provider of tax news and analysis for the global community. Over 150,000 tax professionals in law and accounting firms, corporations, and government agencies rely on Tax Analysts' federal, state, and international content daily. Key products include Tax Notes, Tax Notes Today, State Tax Notes, State Tax Today, Tax Notes International, and Worldwide Tax Daily. Founded in 1970 as a nonprofit organization, Tax Analysts has the industry's largest tax-dedicated correspondent staff, with more than 250 domestic and international correspondents. For more information, visit our home page.
Media Release 2001-4