$881bln pumped by billionaires in midterm election, GOP takes majority

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According to a report by the nonprofit organization Americans for Tax Fairness (ATF) on Thursday, more than $881 million has been pumped into the 2022 midterm elections by billionaires - causing speculations about the influence of billionaires in politics. 

The report, released less than one week before Election Day on November 8, revealed that the contributions by the top 20 donors were concentrated among an "elite fraternity" of billionaires, providing 73%, amounting to $643 million, of the total donations.

BREAKING: New analysis finds that 465 billionaires had pumped $881,000,000 into the 2022 federal midterm elections by October.

That's 27x more than they contributed before Citizens United was decided.

By the time this cycle is over, their donations could climb to $1 billion. pic.twitter.com/8FIUG8WNZ2

— Americans For Tax Fairness (@4TaxFairness) November 3, 2022

Executive director of ATF, Frank Clemente, stated that the "torrent" of money stemming from billionaires is "drowning our democracy."

"Money talks when it comes to influencing candidates and winning elections, and the loudest voices by far are billionaires pushing for lower taxes so they can accumulate even greater wealth and have even more power and influence," Clemente commented, adding: "If we are going to have an economy that works for everyone, billionaires need to start paying their fair share. And if we are going to have a democracy that works for everyone, we need to greatly curb the influence of billionaire money in our politics."

44% increase over the 2018 midterms

ATP's report offered insight into how billionaires insert their financial role in American politics, especially in a political race at the end of its course, and with both Democrats and Republicans looking to have the upper hand in the US Senate and House of Representatives. 

As of September 30, the $881 million sum is not representative of the full midterm, but per ATF, it indicated a 44% increase over the full 2018 midterm cycle. Clemente warned in a statement to Newsweek that "significant" risks to democracy can be a challenge since as they persuade the determination of the winning candidate and in turn tip the balance of power in the Senate. 

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The prediction is, per ATP, billionaires may contribute close to $1 billion following "the flurry of fundraising that closes out a campaign season." Donations were reported to have been made from the likes of Democratic-leaning billionaire George Soros, who has funneled more than four times - more than $128 million - as opposed to former president Donald Trump's ally, Peter Thiel, who has supplied more than $30 million. The Republicans however have received 59% more of the money, leaving 39% for the Democrats. 

Clemente expressed his uncertainty about the significance of the larger disparity in the current cycle between contributions for Republicans and Democrats, but stressed that Democrats have called for higher taxes on the wealthiest Americans.

An earlier ATF report showed that the higher percentage of billionaire contributions in 2020 went to Republicans, but the gap was still smaller at 55 percent.

"There's a qualitative difference, I think, between billionaire giving on the Democratic side versus the Republican side, which is that the two parties have very different agendas. One wants to tax and regulate the billionaires and the other doesn't," he said.

Red Tsunami 

According to Axios, two weeks before the midterm elections, evidence pointed to a resurgent red tsunami that might sweep the GOP into control of both chambers. Republicans in the Senate are increasingly confident that they will retake the majority by gaining at least one seat.

In September, US Representative Nancy Mace claimed that if Republicans win back control of Congress as a result of the midterm elections, the GOP will be pressured to impeach US President Joe Biden. 

In an interview on NBC News on Sunday, Mace said “I believe there’s a lot of pressure on Republicans to have that vote, to put that legislation forward and have that vote,” adding that “I think that is something that some folks are considering.”