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US billionaires pump $880 million into midterm elections: Report

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ATLANTA, GEORGIA: A voting sign is seen outside early voting locations in Fulton County, Atlanta, Georgia, United States on October 22, 2022. (Nathan Posner - Anadolu Agency)
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Nov 04, 2022 - 02:03 AM

WASHINGTON (AA) – US billionaires have funneled a record $880 million into midterm elections that will be held next Tuesday, according to a report published Thursday.

The report by Americans for Tax Fairness (ATF), using Federal Election Commission data from Open Secrets, revealed that a tiny group of 465 billionaires has pumped more than $881 million into races as of Sept. 30.

That sum was already a 44% increase in billionaire contributions during the entire 2018 midterm cycle, which totaled $611 million.

“After the flurry of fundraising that closes out a campaign season, billionaires might well have contributed close to $1 billion,” said the report.

It noted that by a three to two margin, more billionaire cash is supporting Republicans (59%) than Democrats (39%).

George Soros tops the donor list with his contribution of more than $128 million to Democrat candidates, followed by Richard and Elizabeth Uihlein, owners of the Uline shipping supply company, with $67 million to Republican candidates.

Hedge-fund billionaire Ken Griffin is third on the list, spending $66 million on Republicans.

Jeffrey Yass, a Wall Street trader, donated nearly $48 million to Republicans, taking fourth on the list, followed by Sam Bankman-Fried, a cryptocurrency mogul, who contributed $39 million to Democrat candidates.

“Billionaire cash is flowing to both Democrats and Republicans, but much more is going to GOP candidates. That makes sense, since it
is Republican candidates who are pledged to reward their billionaire donors with lower taxes and fewer curbs on their economic power,” the report added.

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