• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. $881bln pumped by billionaires in midterm election, GOP takes majority
US & Canada

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

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Nov 2022 09:56
  • 1 Shares

The Republicans received 59% more of the money, leaving 39% for the Democrats. 

  • Peter Thiel (The Guardian)
    Peter Thiel (The Guardian)

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. 

Read next: After Jan 6, weapons corps slammed Republicans - now they fund them

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.”

  • Republicans
  • US
  • Democrats
  • midterm elections
  • Joe Biden
  • Donald Trump
US Midterm Elections 2022

US Midterm Elections 2022

The US midterm elections will be held on Tuesday, Nov. 8, 2022. The Elections come at a time when the schism between Democrats and Republicans is widening even further, while the balance of power in both the House and the Senate is up for grabs.

Trending Now

All
The Divided States of America: Voter concerns will choose the US' fate

The Divided States of America: Voter concerns will choose the US' fate

Most Read

London posts job ad for mercenaries for Ukraine counteroffensive

London posts job ad for mercenaries for Ukraine's counteroffensive

  • Africa
  • 24 May
The Middle East Stabilises, Against the Backdrop of a Great Unravelling

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

  • Analysis
  • 28 May
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)

Top Israeli intelligence official dead in Italy: Israeli media

  • Europe
  • 29 May
The domestically produced C919 passenger jet flies at the China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong province, Peoeple's Republic of China, 8 November 2022. (Reuters)

China is set to launch first commercial flight on its C919 plane

  • Asia
  • 26 May

Read this

All
Chief of the Australian Defence Force Gen. Angus Campbell bites his lips while delivering the findings from the Inspector-General of the Australian Defence Force Afghanistan Inquiry, in Canberra, Thursday, Nov. 19, 2020. (AP)
Asia Pacific

Australian Defense bans drinking while deployed due to war crimes

  • 30 May
Elon Musk
Asia

Musk in China, Tesla to continue expanding business with Asian giant

  • 30 May
The US Treasury Building is viewed in Washington, US on May 4, 2021. (AP)
US & Canada

US issues new sanctions on Syria, targets two money service businesses

  • 30 May
Casualties in Ukraine strike on evacuee housing centers in Belgorod
Europe

Casualties in Ukraine strike on evacuee housing center in Belgorod

  • 30 May
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS