Demos and U.S. PIRG have issued this new report. From the introduction:
We do not yet have nearly the full picture of how Super PACs have affected and will continue to affect the 2012 elections. Right now, we only have a complete picture of the year 2011. But, we can already see some disturbing trends.
Demos and U.S. PIRG analysis of Federal Election Commission data on Super PACs from their advent in 2010 through the end of 2011 reveals the following:
- For-profit businesses use Super PACs as an avenue to influence federal elections. 17% of the itemized funds raised by Super PACs came from for-profit businesses—more than $30 million.
- Because Super PACs—unlike traditional PACs—may accept funds from nonprofits that are not required to disclose their donors, they provide a vehicle for secret funding of electoral campaigns. 6.4% of the itemized funds raised by Super PACs cannot be feasibly traced back to an original source.
- Super PACs are a tool used by wealthy individuals and institutions to dominate the political process. 93% of the itemized funds raised by Super PACs from individuals in 2011 came in contributions of at least $10,000, from just twenty-three out of every 10 million people in the U.S. population.