Dozen megadonors gave $3.4 billion, one in every 13 dollars, since 2009
A dozen megadonors and their spouses contributed a combined $3.4 billion to federal candidates and political groups since 2009, accounting for nearly one out of every 13 dollars raised, according to a new report.
The report, produced by Issue One, a nonpartisan group that seeks to reduce the influence of money in politics, shows the top 12 donors split equally between six Democrats and six Republicans. The list includes multiple Wall Street billionaires and investors, a Facebook co-founder, a shipping magnate and the heir to a family fortune dating back to the Gilded Age.
The study quantifies the intensifying concentration and increasing role of the super rich in American politics following the loosening of restrictions on political spending by the U.S. Supreme Court more than a decade ago.
“This is a stark illustration of our broken campaign finance system,” said Nick Penniman, the founder and chief executive of Issue One. “Today, a handful of megadonors wield outsized influence in our politics.” Mr. Penniman called on Congress “to pass sweeping reforms to create a democracy that works for everyone.” [Continue reading…]