This election cycle, nearly half of the funding raised by the two major Republican congressional super PACs came from just 27 billionaires. That’s $89.4 million, straight from the pockets of over two dozen of America’s richest people.
Over the first two years of the pandemic, the 27 billionaire GOP donors collectively added a towering $82 billion to their wealth of $227 billion — an increase of 57 percent.
“The nation’s roughly 750 billionaires are increasingly using their personal fortunes and the profits of connected corporations to drown out regular voters’ voices and elect hand-picked candidates who further rig the nation’s economy,” the report says. Billionaires have been donating in large amounts to Republicans for years. They gave $240 million in total to Donald Trump, for instance, during his 2016 and 2020 presidential runs. And, becauseopened the door for super PACs to spend unlimited amounts on campaigns with very little strings attached, this problem has only worsened over the past decade.Supreme Court ruling came down in 2010, billionaires have been spending nearly $1 billion more on elections than they were before the decision.
Still, the Democratic donors also gained a significant amount of money during the first two years of the pandemic — about $88 billion, or a 70 percent increase.
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