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For Immediate Release
November, 03 2022, 09:39am EDT
Thursday November, 03 2022, 09:39am EDT
Contact:
Chris Fleming
Email: chris@redhorsestrategies.com
Nation's Richest Donors Have Pumped a Record $900 Million Into Midterms; 60% of Contributions Favor Republicans
Less than a week before Election Day of this year's crucial midterm elections, a new report finds that America's billionaires had as of Sept. 30 pumped $881 million into federal elections, distorting our democracy by drowning out the voices of regular Americans. That huge total calculated by Americans for Tax Fairness (ATF) using Federal Election Commission data from Open Secrets already tops by 44% the amount billionaires contributed during the entire 2018 midterms, which was the previous record.
WASHINGTON
WASHINGTON - Less than a week before Election Day of this year's crucial midterm elections, a new report finds that America's billionaires had as of Sept. 30 pumped $881 million into federal elections, distorting our democracy by drowning out the voices of regular Americans. That huge total calculated by Americans for Tax Fairness (ATF) using Federal Election Commission data from Open Secrets already tops by 44% the amount billionaires contributed during the entire 2018 midterms, which was the previous record. It's quite possible that after the frenzied last month of fundraising, this year's figure will reach a billion dollars.
Billionaire contributions are mostly helping Republicans: though Democrats have received a lot of billionaire cash too, GOP forces are enjoying a 3-2 advantage in billionaire donations overall and a 3 to 1 advantage when it comes to contributions to congressional super PACs, which are spending heavily on TV ads attacking candidates. ATF calls in its report for both fairer taxes and campaign- finance reforms to end the anti-democratic spectacle of billionaires buying elections.
The full report is here; among its key findings:
- A tiny group of 465 American billionaires have pumped over $881 million into federal midterm races. Even among the elite fraternity of billionaires the political spending is highly concentrated: the top 20 donor households have contributed nearly three-quarters (73%) of all billionaire contributions this cycle--more than $643 million.
- With five weeks to go in the 2022 campaign as of the time the data was collected, that $881 million was already a 44% increase in billionaire contributions over the entire 2018 midterm cycle, which totaled $611 million based on an earlier ATF analysis. After the flurry of fundraising that closes out a campaign season, billionaires might well have contributed close to $1 billion.
- By a 3 to 2 margin, more billionaire cash is supporting Republicans (59%) than Democrats (39%). Most of the remaining 2% has gone to super PACs backing supporters of Israel and cryptocurrency from both parties.
- Though billionaires make up only a microscopic share of the population, billionaire contributions represent 7.4% of all the money received from any source by candidates, parties and political actions committees (PACs) this election cycle.
- Billionaire contributions are an even bigger share--10%--of the money raised by PACs, with most of that money going to super PACs. Unlike regular PACs, super PACs can collect unlimited contributions from each donor, whether an individual or an organization. Billionaires have donated almost half (47%) of the money raised by 20 of the largest billionaire-backed super PACs, which also accept contributions from non-billionaires.
- More than a quarter ($243 million) of the billionaire contributions have gone to the four congressional super PACs of the House and Senate leadership of both political parties. The two GOP PACs have vacuumed up three-quarters (75%), or $181 million, of those contributions.
"A torrent of billionaire cash is drowning our democracy," said Frank Clemente, ATF's executive director. "Money talks when it comes to influencing candidates and winning elections, and the loudest voices by far are billionaires pushing for lower taxes so they can accumulate even greater wealth and have even more power and influence. If we are going to have an economy that works for everyone, billionaires need to start paying their fair share. And if we are going to have a democracy that works for everyone, we need to greatly curb the influence of billionaire money in our politics."
For the full report go to Billionaire Money in the 2022 Election: Buying Elections & Distorting Democracy.
Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
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'Essentially Kidnapping': Texas Democrat Barred From Leaving Capitol Building Without Escort
"Locking Rep. Nicole Collier inside the chamber is beyond outrageous," said Texas Congresswoman Jasmine Crockett. "Forcing elected officials to sign 'permission slips' and take police escorts to leave? That's not procedure. That's some old Jim Crow playbook. Texas Republicans have lost their damn minds."
Aug 19, 2025
Democratic Texas state Rep. Nicole Collier was forced to spend the night Monday inside the Texas State Capitol building in Austin after she refused to sign a "permission slip" to accept the mandatory escort by the Department of Public Safety imposed on Democrats by the Republicans who control the chamber.
Republican House Speaker Dustin Burrows announced the restrictions on members of the Democratic caucus earlier in the day after Democrats returned after a two-week hiatus out of state to prevent quorum in the House as a way to block a controversial mid-decade redistricting effort by the GOP that aims to hand the party up to five more seats in midterm congressional elections next year as a favor to President Donald Trump.
CNN reports that a majority of the Democrats in the caucus "complied with the law enforcement escort, showing reporters what they called 'permission slips' they received to leave the House floor and pointing to the officers escorting them around the Capitol."
"I won't just go along quietly with their intimidation or their discrimination." —Democratic Texas state Rep. Nicole Collier
But not Collier, who represents the Fort Worth area in District 95.
"I refuse to sign. I will not agree to be in DPS custody," Collier said. "I'm not a criminal. I am exercising my right to resist and oppose the decisions of our government. So this is my form of protest."
In a video posted Monday night from inside the chamber, Collier explained why she refused to sign for the escort and lashed out at her Republican colleagues for their continued assault on the rule of law.
We are beyond proud of Fort Worth State Rep. Nicole Collier for standing up to ridiculous GOP bullying! @NicoleCollier95 Full talk: https://t.co/vQiRYxFuvW pic.twitter.com/YkECPvGc3u
— Progress Texas (@ProgressTX) August 19, 2025
"My constituents sent me to Austin to protect their voices and rights," said Collier in the video. "I refuse to sign away my dignity as a duly elected representative just so Republicans can control my movements and monitor me with police escorts. My community is majority-minority, and they expect me to stand up for their representation. When I press that button to vote, I know these maps will harm my constituents—I won't just go along quietly with their intimidation or their discrimination."
Fellow Democrats, both inside and beyond Texas, championed Collier's stand and condemned the GOP for their latest authoritarian stunt.
"In the face of fascism, [Rep.] Nicole Collier is a hero," said state Rep. Ana-María Rodríguez Ramos (D-102), chair of the Texas Legislative Progressive Caucus.
Seth Harp, a Democrat running for Congress in Florida this cycle, accused Texas Republicans of "just absolutely destroying the 4th amendment," which bars unreasonable searches and seizures by the government. "It's essentially kidnapping and taking a hostage," Harp added.
"Hey GOP," he asked, "exactly how much do you hate the Constitution?"
Rep. Jasmine Crocket (D-Texas), who previously served in the state's legislature, also condemned the move by Burrows and his fellow Republicans.
"Let me be clear: LOCKING Rep. Nicole Collier inside the chamber is beyond outrageous," Crockett declared in a social media post Monday evening.
"Forcing elected officials to sign 'permission slips' and take police escorts to leave? That's not procedure," she said. "That's some old Jim Crow playbook. Texas Republicans have lost their damn minds."
House Report Warns Trump Tariffs Could Stymie US Manufacturing for 'Years to Come'
Democrats on the Joint Economic Committee said that "continued uncertainty" caused by the president's policies could reduce manufacturing investments by nearly half a trillion dollars by the end of this decade.
Aug 18, 2025
US President Donald Trump's tariff whiplash has already harmed domestic manufacturing and could continue to do so through at least the end of this decade to the tune of nearly half a trillion dollars, a report published Monday by congressional Democrats on a key economic committee warned.
The Joint Economic Committee (JEC)-Minority said that recent data belied Trump's claim that his global trade war would boost domestic manufacturing, pointing to the 37,000 manufacturing jobs lost since the president announced his so-called "Liberation Day" tariffs in April.
"Hiring in the manufacturing sector has dropped to its lowest level in nearly a decade," the Democrats on the committee wrote. "In addition, many experts have noted that in and of itself, the uncertainty created by the administration so far could significantly damage the broader economy long-term."
"Based on both US business investment projections and economic analyses of the UK in the aftermath of Brexit, the Joint Economic Committee-Minority calculates that a similarly prolonged period of uncertainty in the US could result in an average of 13% less manufacturing investment per year, amounting to approximately $490 billion in foregone investment by 2029," the report states.
"The uncertainty created by the administration so far could significantly damage the broader economy long-term."
"Although businesses have received additional clarity on reciprocal tariff rates in recent days, uncertainty over outstanding negotiations is likely to continue to delay long-term investments and pricing decisions," the publication adds. "Furthermore, even if the uncertainty about the US economy were to end tomorrow, evidence suggests that the uncertainty that businesses have already faced in recent months would still have long-term consequences for the manufacturing sector."
According to the JEC Democrats, the Trump administration has made nearly 100 different tariff policy decisions since April—"including threats, delays, and reversals"—creating uncertainty and insecurity in markets and economies around the world. It's not just manufacturing and markets—economic data released last week by the Bureau of Labor Statistics showed that businesses in some sectors are passing the costs of Trump's tariffs on to consumers.
As the new JEC minority report notes:
As independent research has shown, businesses are less likely to make long-term investments when they face high uncertainty about future policies and economic conditions. For manufacturers, decisions to expand production—which often entail major, irreversible investments in equipment and new facilities that typically take years to complete—require an especially high degree of confidence that these expenses will pay off. This barrier, along with other factors, makes manufacturing the sector most likely to see its growth affected by trade policy uncertainty, as noted recently by analysts at Goldman Sachs.
"Strengthening American manufacturing is critical to the future of our economy and our national security," Joint Economic Committee Ranking Member Maggie Hassan (D-N.H.) said in a statement Monday. "While President Trump promised that he would expand our manufacturing sector, this report shows that, instead, the chaos and uncertainty created by his tariffs has placed a burden on American manufacturers that could weigh our country down for years to come."
GOP Congressman Cashed Out Hospital Investments Before Voting for Biggest Medicaid Cut in History
"Congressman Bresnahan didn't just vote to gut Pennsylvania hospitals. He looked out for his own bottom line before doing it," said one advocate.
Aug 18, 2025
Congressman Rob Bresnahan, a Republican who campaigned on banning stock trading by lawmakers only to make at least 626 stock trades since taking office in January, was under scrutiny Monday for a particular sale he made just before he voted for the largest Medicaid cut in US history.
Soon after a report showed that 10 rural hospitals in Bresnahan's state of Pennsylvania were at risk of being shut down, the congressman sold between $100,001 and $250,000 in bonds issued by the Allegheny County Hospital Development Authority for the University of Pittsburgh Medical Center.
The New York Times reported on the sale a month after it was revealed that Bresnahan sold up to $15,000 of stock he held in Centene Corporation, the largest Medicaid provider in the country. When President Donald Trump signed the so-called One Big Beautiful Bill Act into law last month, Centene's stock plummeted by 40%.
Bresnahan repeatedly said he would not vote to cut the safety net before he voted in favor of the bill.
The law is expected to cut $1 trillion from Medicaid over the next decade, with 10-15 million people projected to lose health coverage through the safety net program, according to one recent analysis. More than 700 hospitals, particularly those in rural areas, are likely to close due to a loss of Medicaid funding.
"His prolific stock trading is more than just a broken promise," said Cousin. "It's political malpractice and a scandal of his own making."
The economic justice group Unrig the Economy said that despite Bresnahan's introduction of a bill in May to bar members of Congress from buying and selling stocks—with the caveat that they could keep stocks they held before starting their terms in a blind trust—the congressman is "the one doing the selling... out of Pennsylvania hospitals."
"Congressman Bresnahan didn't just vote to gut Pennsylvania hospitals. He looked out for his own bottom line before doing it," said Unrig Our Economy campaign director Leor Tal. "Hospitals across Pennsylvania could close thanks to his vote, forcing families to drive long distances and experience longer wait times for critical care."
"Not everyone has a secret helicopter they can use whenever they want," added Tal, referring to recent reports that the multi-millionaire congressman owns a helicopter worth as much as $1.5 million, which he purchased through a limited liability company he set up.
Eli Cousin, a spokesperson for the Democratic Congressional Campaign Committee, told the Times that Bresnahan's stock trading "will define his time in Washington and be a major reason why he will lose his seat."
"His prolific stock trading is more than just a broken promise," said Cousin. "It's political malpractice and a scandal of his own making."
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