The mindboggling amount is 44 percent higher than billionaires’ total spending during the 2018 midterm cycle and could easily reach $1 billion by next week, according to a report published Thursday by the group Americans for Tax Fairness.
The influx of cash from billionaires has made this the most expensive midterms ever.
The biggest individual billionaire donor this election was George Soros, who gave $128 million to the liberal super PAC Democracy II. But his total contribution was edged out by the combined total of donations from the second- and third-place donors, Richard Uihlein and Ken Griffin, who gave $67.3 million and $66.1 million respectively to several Republican super PACs and candidates.
Overall, Republicans received 59 percent of the donations, while Democrats received only 39 percent. Considering billionaires make up a tiny fraction of the U.S. population, their contributions risk “distorting our democracy by drowning out the voices of regular Americans,” Americans for Tax Fairness warned.
The 2022 midterms haven’t even happened yet, but they’re already proving to be some of the most contentious and crucial elections in recent history. Democrats are struggling to maintain their razor-thin hold on Congress, while Republicans have promised a raft of petty repercussions should they take control, such as impeaching President Joe Biden.