'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,' says 4TaxFairness.
Americans for Tax Fairness on Monday released the group's lateston"the threat posed to American democracy by billionaire political spenders," revealing that last year their collective congressional campaign contributions topped $1 billion for the first time.
"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." ;“In the three states where billionaire support was overwhelmingly on the Republican side, the Republican won the Senate race.\n\nIn North Carolina, Ohio and Wisconsin, Republican billionaires outspent the much smaller pool of Democratic billionaires by at least 9-to-1 in each race.;”
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