Billionaires are exerting ever-greater influence on elections while Biden contemplates taxing

Billionaires are exerting ever-greater influence on elections while Biden contemplates taxing America's most wealthy

At a time when President Joe Biden wants to increase taxes on the wealthiest Americans, billionaires are exponentially increasing the amounts of money they're pouring into US elections — especially on behalf of Republicans, according to a new report on campaign spending trends.

Billionaires pumped just $31 million directly into 2010 federal-level midterm elections, the first national election conducted after the Supreme Court's Citizens United v. Federal Election Commission ruling, which loosened key political spending restrictions.

By 2016, billionaires contributed at least $611 million, according to the report from Americans for Tax Fairness, a coalition of predominantly center-left nonprofits, unions, and political advocacy organizations.

During the 2020 election, billionaires injected about twice that — $1.2 billion — into federal races. That figure that jumps to $2.6 billion when including contributions billionaires Michael Bloomberg and Tom Steyer made to their own, self-funded Democratic presidential campaigns, the report states.

https://www.businessinsider.com/billionaires-elections-politics-donations-joe-biden-midterm-vote-2022-7

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