American billionaires have funneled more than $881 million into federal races in the 2022 midterm elections, according to a new report Thursday that prompted warnings about billionaires’ influence in politics.
The report was compiled by the nonprofit organization Americans for Tax Fairness (ATF), which has a stated mission of educating and mobilizing the public “to get policymakers to support comprehensive, progressive tax reform that results in greater federal revenue to reduce inequality and to meet America’s growing needs.” It found that the contributions were especially concentrated among an “elite fraternity” of billionaires, with the top 20 donor households providing 73 percent, or $643 million, of the total donations.
ATF predicted that by the time the current midterm cycle is over, billionaires may have contributed close to $1 billion following “the flurry of fundraising that closes out a campaign season.” The report also highlighted donations from specific billionaires. Democratic-leaning billionaire George Soros, for example, has funneled more than four times as much into 2022 races, more than $128 million, in comparison to Peter Thiel, an ally of former President Donald Trump who has given more than $30 million.
Read more at Newsweek.com