Another day, another Suzy-Pro Quo corruption story. Buckle up—this one is a doozy.
This time, it’s the CEO of the world’s largest private equity firm, along with millions in campaign contributions for votes and $50m in fees taken from Maine’s working class.
Susan Collins is on retainer by a subscription service funded by over 100 billionaires who don’t live in Maine, don’t work in Maine, and frankly don’t give a fuck about Mainers.
This is a story about Susan Collins and Blackstone CEO Stephen Schwarzman.
What the Tax Law Actually Did for Him
The 2017 law reduced the corporate rate from 35% to 21%. That was good for Blackstone. Schwarzman’s bigger win was carry. PE managers get a carry on the profits. The law preserved the rule that lets them treat most of that carry as capital gains (at 20%) rather than as ordinary income (at up to 37%). Collins drafted an amendment to close that loophole, introduced it, and then withdrew it. After that, Schwarzman started writing the cheques and threw her a fundraiser in Manhattan. At the time, reports said Blackstone had a negative effective tax rate in a year of very substantial profits. Tax analysts at the time said that the failure of her amendment saved him alone tens of millions.¹
The same law created the temporary 20% pass-through deduction. Section 199A allows the owner of a partnership, an S-corp, or a sole proprietorship to deduct up to 20% of their qualified business income. Private equity firms are partnerships. The partners receive their share of the fund’s profits as partnership income. The deduction reduces the effective rate on that income. The 2017 law made it temporary. The 2025 bill Collins helped pass made it permanent. That effectively locked in the lower rate for private equity partners, including Schwarzman.²
The Check and the Vote
June 27, 2025: Schwarzman gives $2m to Pine Tree Results, the super PAC supporting Collins. June 28: She casts the vote that makes the 20% deduction permanent. It passes 51-49. It wouldn’t have moved without her. She votes no on the final passage. The procedural vote was significant. The check came the day prior.³
Maine Is Paying Both Sides
Blackstone has taken in an estimated $49m in fees from the Maine public employee retirement system since 2011. Teachers, firefighters, and state workers pay the fees, while Schwarzman writes the cheques to keep Collins in office.⁴
Pine Tree Results raised over $20m in this cycle. $10k came from Maine. Roughly 100 billionaires and their spouses have given approximately $9.8m to the network in her favour since the beginning of 2025. Collins’ own campaign took in only about 11% of its individual contributions from within the state. Florida, Texas, New York and California have all contributed more than Mainers have.⁵
Outside groups have booked well over $100m in ads. At the debate she said dark money groups shouldn’t exist. Then she went to the Stronger America dinner in Washington.⁶
No handshake required. Big check from the PE guy who benefits from carried interest and the 20% deduction—the next day we have the procedural vote that moves the bill forward, which protects both. Then a later no so she can claim independence. The Maine public workers generate the fees. The Maine donors contribute almost nothing. The people writing the checks don’t live here.
Her office says the motion would have passed without her. That doesn’t change the timing, the size of the checks, the 2017 history, or the fact that the money isn’t coming from Maine. She’s not representing you. She’s on a retainer.
Sources
ProPublica, “Susan Collins Backed Down From a Fight With Private Equity. Now They’re Underwriting Her Reelection”, October 29 2020. https://www.propublica.org/article/susan-collins-backed-down-from-a-fight-with-private-equity-now-theyre-underwriting-her-reelection
IRC §199A as enacted under the 2017 Tax Cuts and Jobs Act and made permanent by the 2025 legislation.
Rolling Stone, “Susan Collins Raked in Wall Street Cash Before Advancing Trump Tax Bill,” September 3, 2025. https://www.rollingstone.com/politics/politics-features/susan-collins-trump-tax-bill-wall-street-private-equity-1235420525/
Zeteo, “Top Susan Collins Donor Rakes in Millions From Maine Workers,” May 11, 2026.
whoisfundingsusan.org: https://www.whoisfundingsusan.org/numbers
National Memo / Maine Monitor: https://www.nationalmemo.com/collins-billionaires
Portland Press Herald: https://www.pressherald.com/2026/10/15/troy-jackson-raises-millions-more-than-susan-collins-but-trails-her-in-money-race/Bangor Daily News, “Untangling the massive outside money web behind Susan Collins,” October 19, 2026. https://www.bangordailynews.com/2026/10/19/politics/elections/massive-republican-money-web-susan-collins-campaign-joam40zk0w/
