"Billionaires offering bounties for signatures is just the latest indignity in a political system long defined by the machinations of the wealthy. With more than $125 million poured into advertising, Texas's recent Senate election was the most expensive primary race ever."
"The crisis has escalated since 2010, when the Supreme Court's Citizens United decision shredded limits on independent corporate election spending, fueling the cash-flush super PACs and anonymous dark-money nonprofits that now dominate our political economy."
"In 2024, billionaires contributed 19 percent of all reported donations to federal elections, while AIPAC and an associated super PAC spent nearly $100 million. That's also how much one AI industry group plans to shell out during this year's midterms."
California's billionaire tax proposal has sparked significant financial backing from wealthy individuals like Sergey Brin, who aim to defeat it. Campaigns are paying $15 per signature to gather support against the tax, with opponents expected to spend $75 million. The political landscape has shifted dramatically since the 2010 Citizens United ruling, which removed limits on corporate election spending, leading to an increase in untraceable donations. In 2024, billionaires contributed 19 percent of federal election donations, highlighting the escalating arms race in political funding.
Read at The Nation
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