Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Araghchi: We have always supported Lebanon's sovereignty and territorial integrity at all times, we still do in these difficult circumstances.
Iranian Foreign Minister Abbas Araghchi from Beirut: Lebanon's independence and territorial integrity are of great importance to Iran, we support it against occupation.
Israeli army admits 3 soldiers of rank of Staff Sergeant were killed, 2 others injured in northern Gaza.
Occupied Palestine: Palestinian media: Martyrs and injuries as a result of the Israeli occupation firing on displaced people while they were waiting for aid west of Rafah.
Al Mayadeen's correspondent in occupied Palestine: 3 martyrs, including a child, as a result of Israeli occupation forces bombing displaced persons' tents in Deir al-Balah in the central Gaza Strip.
Israeli media: Yedioth Ahronoth: Concern in "Israel" over changes within the US administration in recent days.
Al-Qassam Brigades says its fighters are engaging in fierce clashes with the occupation forces, killing and wounding soldiers east of Jabalia camp.
Israeli media platforms are circulating preliminary reports about a multi-causalty ambush in Jabalia camp, Gaza.
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide

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

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

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

  • x
  • 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. 

Related News

Trump's tax bill stalls as Republican opposition demands deeper cuts

Trump pulls Stefanik’s UN nomination to protect GOP House majority

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

Most Read

Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025
It may well be due to the longstanding relationship between MI6 and HTS, via Inter Mediate, that Britain was the first Western country to recognise their assumption of government in Syria. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

How MI6 helped HTS seize Syria

  • Opinion
  • 31 May 2025

Coverage

All
War on Gaza

Read Next

All
Army commanders tour the operations sectors of the Iraqi army Seventh Brigade, in Anbar, Iraq, Sunday, December 29, 2019 (AP)
Politics

Kataib Hezbollah warns US forces against postponing Iraq withdrawal

(@rafaelmgrossi)
Politics

Egypt urges 'Israel' to join NPT, citing regional nuclear imbalance

AP
Politics

US deal proposal allows Iran to enrich Uranium to Low-Level: Reports

screengrab
Politics

Former Biden spox. Matthew Miller says 'Israel' committed war crimes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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