Billionaires escalated their binge buying of
American democracy in the 2022 congressional
midterm elections, for the first time spending
over $1 billion in a single campaign season. That
“Billionaires’ Billion” was almost three-quarters
more than the tycoons’ total spending on the
last midterms, in 2018, and 300 times more than
what billionaires spent on congressional races as
recently as a dozen years ago. By big margins,
and especially in key senate races, that billionaire
campaign cash flowed to Republicans more than
Democrats.
The Billionaires’ Billion—contributed by fewer
than 500 individuals—represented about one
— source americansfortaxfairness.org | May 15, 2023