A new analysis from Americans for Tax Fairness reveals that billionaires significantly increased their political contributions during the 2024 federal election, with 100 wealthy families investing a record $2.6 billion—more than double the amount from four years prior. This surge highlights the influence of the Citizens United v FEC ruling, which allowed unlimited campaign donations via Super PACs. Most donations supported GOP candidates, with 70% originating from these top contributors. The analysis suggests that the clear money-for-power exchange poses risks to public services and democratic integrity, exemplified by figures like Elon Musk seeking financial gains through political means.
The report's findings show that during the election cycle that put Donald Trump back in the White House and seated Republican majorities, 100 wealthy families invested $2.6bn.
In the 14 years since the Citizens United ruling, billionaires have poured 160 times more funds into campaigns, demonstrating the profound impact on political dynamics.
The money-for-power exchange that was always hidden in politics has disturbingly burst into the open in the second Trump administration, revealing stark influences of the affluent.
Elon Musk and some of the world’s wealthiest families secured record amounts to gain tax breaks and deregulation at the expense of vital public services.
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