Just 27 Billionaires Have Spent $90 Million to Buy GOP Congress: Report

A few dozen billionaires are spending tens of millions of dollars on the 2022 midterm elections—mostly to support Republican candidates, including many who have parroted the dangerous lie that the 2020 presidential election was stolen—in a bid to ensure that Congress is full of lawmakers willing “to make their wealthy benefactors even richer,” according to a fresh analysis.

Titled Billionaires Buying Elections, the report from Americans for Tax Fairness (ATF) details how “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—especially the tax system.”

A pair of super PACs tasked with securing Republican majorities in the House and Senate—the Congressional Leadership Fund (CLF) and the Senate Leadership Fund (SLF)—raised a combined $188.3 million through the first 16 months of the 2022 campaign cycle, according to ATF. Nearly half—$89.4 million, or 48%—came from just 27 billionaires. A whopping 86% of the GOP’s billionaire money came from “Wall Street tycoons” who are arguably the biggest beneficiaries of glaring loopholes in the tax code.

The Democratic counterparts of those two super PACs—the House Majority PAC and the Senate Majority PAC—raised a combined $154 million over the same time period. A smaller share—$25.8 million, or 17%—came from 19 billionaires. A majority of billionaire contributions to Democratic candidates also came from the finance and investment sector (35%), but other industries were also well-represented, including cryptocurrency (26%), and tech (18%).

“Unlike candidates and party committees, super PACs can raise unlimited donations from individuals and corporations,” ATF explained. “In return they are not supposed to coordinate activities with the campaigns they support but instead act independently, though that rule is often flouted.”

“Anti-democratic vote-buying,” ATF wrote, “has been facilitated by—and is facilitating—the accelerating wealth growth of the billionaire class and the record profits of the corporations they own.”

The combined net worth of the nation’s roughly 750 billionaires surged by $2 trillion, or 70%, during the first two years of the Covid-19 pandemic. The collective wealth of the 27 billionaires bankrolling the GOP’s super PACs alone soared by $82.4 billion over that time period, meaning that the $89.4 million they have donated to CLF and SLF constitutes less than 0.1% of their overall pandemic-era gains.

As ATF explained, focusing on contributions to congressional super PACs fails “to capture the full political influence of billionaires, who in addition to personal donations also steer money to favored candidates from related corporations and organizations.”

According to the report, seven powerful corporations—AT&T, Chevron, ExxonMobil, FedEx, GM, Merck, and UPS—have collectively given nearly $1.5 million to dozens of election deniers and various Republican PACs and election committees this campaign cycle. The companies’ demonstrated lack of concern for democracy, ATF noted, likely stems from their desire to keep dodging taxes. In 2021, these firms paid an average federal income tax rate of just 2.7% on a combined $78.4 billion in profits.

Originally published at Commondreams.org.