“That ‘Billionaires’ Billion’ was almost three-quarters more than the tycoons’ total spending on the last midterms, in 2018, and 300 times more than what billionaires spent on congressional races as recently as a dozen years ago,” states the ATF report.
“The Billionaires’ Billion—contributed by fewer than 500 individuals—represented about one of every nine dollars raised from all sources in the 2022 elections,” the analysis continues, noting that 15 of the nation’s richest households were responsible for $658 million, or nearly two-thirds, of the contributions.
“Nearly 80% of billionaire cash—$782 million—went to outside campaign groups,” the document adds, and in eight key races that decided which party controlled the Senate, “billionaire donations supported Republican candidates over Democratic ones by almost a 5-1 margin.”
“Billionaires spending a billion dollars on a shopping spree for democracy should wake us all up to the threat posed by nearly unlimited wealth applied without limits to our elections,” ATF executive director David Kass declared.
“There are well-known solutions to the problem, including overturning Citizens United and effectively taxing the biggest sources of billionaire wealth, which now often go lightly taxed if at all.”
“Those tax reforms include taxing wealth like work by equalizing the top tax rate on investment and wage income, and closing the stepped-up basis loophole that allows investment gains to go untaxed forever,” Kass added.
“All that’s needed is for Congress to heed the call of the American people to unrig a corrupt system.”
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