“Dozen Megadonors Gave $3.4 Billion, One in Every 13 Dollars, Since 2009”

NYT:

A dozen megadonors and their spouses contributed a combined $3.4 billion to federal candidates and political groups since 2009, accounting for nearly one out of every 13 dollars raised, according to a new report.

The report, produced by Issue One, a nonpartisan group that seeks to reduce the influence of money in politics, shows the top 12 donors split equally between six Democrats and six Republicans. The list includes multiple Wall Street billionaires and investors, a Facebook co-founder, a shipping magnate and the heir to a family fortune dating back to the Gilded Age.

The study quantifies the intensifying concentration and increasing role of the super rich in American politics following the loosening of restrictions on political spending by the U.S. Supreme Court more than a decade ago….

The growing influence of multimillion-dollar megadonors has been accompanied by another, competing trend: a surge of small online donations to politicians of both parties. Those contributions — in $5, $10 and $25 increments — have given Democrats and Republicans an alternate source of money beyond the super rich.

Still, the study found that the top 100 ZIP codes for political giving in the United States, which hold less than 1 percent of the total population, accounted for roughly 20 percent of the $45 billion that federal candidates and political groups raised between January 2009 and December 2020. The study used data from the Center for Responsive Politics, which compiles figures from the Federal Election Commission….

The single biggest spender on federal campaigns from 2009 to 2020 was Michael R. Bloomberg, the former mayor of New York City, who spent $1.4 billion. Of that, $1 billion went toward his own failed campaign for president in 2020 and $314 million went to other federal candidates, super PACs and political groups.

He is the only donor to spent more than $1 billion. The No. 2 contributor is another Democrat, Tom Steyer, who, like Mr. Bloomberg, lost his bid for president in 2020. Mr. Steyer and his wife, Kat Taylor, have spent $653 million, with more than half going toward his own presidential campaign and $311 million to other federal candidates and committees.

The report does not include giving to state-level campaigns or politically connected nonprofit groups, which can often remain undisclosed.

The largest Republican contributor was Sheldon Adelson, the casino magnate, and his wife, Miriam Adelson, a physician. The Adelsons have contributed $523 million to Republican candidates and committees since 2009.

Mr. Adelson’s death in January 2021, at age 87, leaves a potential major shortfall for Republicans who have come to rely upon his largess. Republican operatives have privately fretted that while Ms. Adelson has been politically engaged, she may not have the same appetite for political giving as her late husband.

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