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howard lutnick
'They've Come to Collect': Report Details Crisis of Billionaires Buying US Elections
"The billions of dollars of donations these oligarchic clans give candidates, parties, and particularly outside spending groups drown out the voices and concerns of ordinary voters," according to the report.
Apr 02, 2025
The ever-growing amount of billionaire cash in elections is poisoning U.S. democracy, according to a report published Wednesday by the advocacy group Americans for Tax Fairness—which found that the top 100 billionaire families spent an eye-popping $2.6 billion on federal contests in 2024.
That's more than twice the roughly $1 billion spent by individual billionaire donors in 2020, according to the group, and constitutes 160 times the amount of billionaire political spending since the 2010 Supreme Court decision Citizens United v. Federal Election Commission. That decision paved the way for the proliferation of super political action committees (PACs), a type of committee that can accept unlimited donations to spend on political activity.
Picking apart that $2.6 billion, there's a clear partisan skew: 70% of that billionaire money went to entities supporting Republican candidates, while 23% went to entities backing Democratic candidates. The other 7% went toward independent candidates—such as presidential contender Robert F. Kennedy Jr., who is now a Cabinet secretary—and committees that gave to candidates from both parties who champion specific issues, such as cryptocurrency.
That skew is particularly pronounced when it comes to the competitive Senate races that determined control of the chamber in 2024.
Looking at Senate contests in Arizona, Michigan, Montana, Nevada, Ohio, Pennsylvania, and Wisconsin, the authors of the report found that nearly 80% of the total billionaire cash in these races—which tallied $1.14 billion in outside spending—went to outside groups supporting Republican candidates, compared to 20% used to support Democratic hopefuls.
"The billions of dollars of donations these oligarchic clans give candidates, parties, and particularly outside spending groups drown out the voices and concerns of ordinary voters, endangering democracy and distorting public policy," the report states.
What's more, "this undue influence by the billionaire donor class over our government—always a concern and already present in mostly indirect ways—has found its full, frightening expression in the second Trump administration with the ascendancy of Elon Musk, the world's richest man and the biggest billionaire donor in the 2024 elections," the authors wrote.
Musk's ability to convert his extreme wealth into political influence in the Trump administration contrasts with reports that Musk pays relatively little in taxes. In 2018, for example, Musk paid nothing in federal income taxes even as his wealth soared, largely due to Tesla stock appreciation.
But Musk is just the "most notorious example of billionaires literally buying power," according to the group. ATF highlighted that billionaire Linda McMahon secured a position as President Donald Trump's education secretary after she and her ex-husband gave tens of millions to support Republican candidates, as did billionaire businessman Howard Lutnick, now the commerce secretary.
The report, titled Billionaires Buying Elections: They've Come to Collect, is the latest in ATF's "billionaires buying elections" series, and according to the group it is the most comprehensive because it covers both direct billionaire giving and "traces the indirect routes billionaire cash can take through campaign committees contributing to each other."
In its methodology section, the report gives the example of WinSenate—a super PAC that works to elect Democrats to the Senate—which did not report billionaire contributions, but received all of its funding from the Senate Majority PAC. Because the Senate Majority PAC got 19.9% of its funding from billionaires, the report counted WinSenate's share of billionaire spending at 19.9%.
According to the report, other big-name Republican megadonors in the 2024 cycle included shipping supply magnates Richard and Elizabeth Uihlein and Israeli-American billionaire Miriam Adelson.
According to the authors of the report, billionaires need to be taxed more.
"Tax policy—which has the most direct impact on billionaire wealth—is perhaps the most obviously affected by the money-for-power billionaire bargain," according to the group, which cites the current Republican push to extend parts of Trump's 2017 tax cuts that primarily benefit the wealthy as part of a general trend in tax policy over the past four decades to decrease taxes on the wealthiest people and most profitable businesses.
"The self-reinforcing combination of booming billionaire fortunes and weakening campaign finance laws continues to threaten our democratic form of government," according to the report. "As the outcome of the last presidential campaign amply demonstrates, until billionaires pay their fair share of taxes and we put effective curbs on their political spending, this threat will only grow."
The report calls for solutions like bolstering the estate tax and implementing a wealth tax, such as the Ultra-Millionaire Tax Act, a bill that was reintroduced by multiple Democratic senators in 2024. The newer version of the legislation would place a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion, and impose an 1% annual surtax—so 3% tax overall—on the net worth of families and trusts that is above $1 billion.
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Trump's Billionaire Commerce Secretary: Only 'Fraudsters' Will Complain If Social Security Checks Don't Arrive
One group noted who would actually complain: "Someone who depends on Social Security to buy groceries. Someone who depends on Social Security to pay rent. Someone who depends on Social Security to survive."
Mar 21, 2025
As U.S. President Donald Trump's temporary leader of the Social Security Administration threatened to shut down the agency over an unfavorable court ruling on Friday, the billionaire commerce secretary came under fire for suggesting that only "fraudsters" will complain if they don't get their earned benefits.
U.S. Commerce Secretary Howard Lutnick appeared on All-In—a podcast hosted by "four billionaire besties"—on Thursday. A brief clip of his interview, which lasted an hour and 45 minutes, made the rounds on social media Friday.
Lutnick told two of the hosts that if the SSA didn't send out checks this month, his 94-year-old mother-in-law "wouldn't call and complain," but "a fraudster always makes the loudest noise, screaming, yelling, and complaining."
Critics were quick to point out Lutnick's wealth. As More Perfect Union posted, "His net worth is estimated at $2 billion."
Richard Phillips, pensions and tax policy director for U.S. Senate Committee on Health, Education, Labor, and Pensions Ranking Member Bernie Sanders (I-Vt.),
called the commerce secretary's comments "shameful."
"Nearly 40% of seniors rely on Social Security for a majority of their income and nearly 1 in 7 rely on it for more than 90% of their income," according to Phillips. "These people would call due to missing checks because their very survival depends on it."
The watchdog group Public Citizen similarly pushed back on social media, saying: "You know who actually makes the loudest noise? Someone who depends on Social Security to buy groceries. Someone who depends on Social Security to pay rent. Someone who depends on Social Security to survive. But billionaires like Howard Lutnick don't care about those people."
Groundwork Collaborative chief of policy and advocacy Alex Jacquez said in a statement that "the Trump administration just told seniors that they should shut up and sit down if they don't receive their Social Security checks on time. The real 'fraudsters' are Trump's out-of-touch billionaire donors and advisers denying seniors their hard-earned benefits to pay for their next tax giveaway."
Everett Kelley, president of the American Federation of Government Employees, a union for federal workers, also tied Lutnick's remarks to Republican tax ambitions—as well as a broader attack on the federal bureaucracy by Trump and the de facto leader of his Department of Government Efficiency (DOGE), billionaire Elon Musk.
"First, Elon called Social Security a 'Ponzi scheme' and said we need to eliminate it," Kelley said. "Then DOGE started trying to cut SSA staff. Now Lutnick says 'don't complain' when the payments stop. They are taking money from working-class people in order to give it to their rich friends."
As Common Dreams reported earlier Friday, acting Social Security Administration Commissioner Leland Dudek is threatening to shut down the agency in response to a federal judge's Thursday order blocking DOGE's SSA "data grab." The Washington Post later revealed that the official "is consulting with agency lawyers and the Justice Department" about the possible shutdown.
Some political observers see the Republican administration's attacks on the SSA—and the rest of the federal government—as a major opportunity for the Democratic Party, which has minorities in both chambers of Congress.
"If Dems have any strategic mojo left, they will clip this and play it on a nonstop television ad loop in the two Florida districts holding special congressional elections," Helaine Olen of the American Economic Liberties Project said about the Lutnick interview. "Seniors will rightly whine when their checks don't show up."
Already, some seniors have publicly shared stories of benefits incorrectly shut off since Trump took office, and some congressional Democrats are taking aim at his administration. Rep. John Larson (D-Conn.), a longtime SSA defender who has framed the DOGE assault as a push toward privatization, posted the commerce secretary's video on social media.
"Trump and Musk's cuts to the Social Security Administration could lead to the delay, denial, and disruption of your EARNED BENEFITS," Larson said Friday. "For 40% of our seniors, Social Security is the only income they have. They can't just wait for their next check."
Also responding to the clip, Sen. Chris Murphy (D-Conn.) said, "They are getting ready to destroy Social Security. Because the billionaires don't need it. Prepping the ground here by shaming people who dare complain if their Social Security check disappears."
The Social Security comments aren't the only reason the commerce secretary is facing intense criticism this week. On Wednesday, he told viewers of Fox News' "Jesse Watters Primetime" to buy stock in Musk's electric vehicle maker, Tesla. One watchdog leader noted that Lutnick "conveniently forgot to mention his family business empire holds nearly $840 million in the company."
The nonpartisan Campaign Legal Center on Friday filed a complaint with the Office of Government Ethics and an ethics official at the U.S. Department of Commerce, urging them to investigate Lutnick's comments about Tesla stock—which has been crashing due to protests of the company resulting from Musk's work for the Trump administration.
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Ethics Complaint Filed Over Trump Commerce Secretary's Public Push for Tesla Stock Purchases
Campaign Legal Center wants ethics officials to probe the "apparently flagrant violation of federal law."
Mar 21, 2025
The nonpartisan legal group on Friday filed a complaint with the Office of Government Ethics and the designated agency ethics official at the U.S. Department of Commerce, urging them to investigate comments U.S. Commerce Secretary Howard Lutnick made on Fox News earlier this week when he exhorted viewers to "buy Tesla," speaking of the stock of billionaire Elon Musk's electric vehicle company.
Campaign Legal Center (CLC) wants officials to look into whether Lutnick's comments on Fox News—which the group called an "apparently flagrant violation of federal law"—did violate the federal ban on government officials using their public positions for private enrichment.
According to the complaint, executive branch employees "may not use their public office for their own private gain; [or] for the endorsement of any product, service, or enterprise."
Other critics responded to the billionaire commerce secretary's comments on Fox by pointing out that, as one watchdog leader put it, "he conveniently forgot to mention his family business empire holds nearly $840 million in the company."
Elon Musk, the CEO of Tesla and also the largest shareholder, has been deputized by U.S. President Donald Trump to help oversee efforts to cut federal programs and personnel and is playing a core role in his administration.
"The president's Cabinet members take an oath to serve the American people, and with that oath comes the ability and privilege to exercise a vast amount of power," said Kedric Payne, vice president, general counsel, and senior director of ethics at Campaign Legal Center in a statement on Thursday.
"The Office of Government Ethics and Commerce ethics officials should hold Lutnick accountable and reassure the public that their officials will face consequences if they use their public office to enrich themselves or their allies," said Payne.
Lutnick made the comments when he was speaking on Fox News' "Jesse Watters Primetime" on Wednesday.
"Buy Tesla. It's unbelievable that this guy's stock is this cheap. It'll never be this cheap again... Who wouldn't invest in Elon Musk?" he told viewers.
Earlier this month, Trump hosted a Tesla car show at the White House. His and Lutnick's stunts come as the company faces protests over Musk's work for the administration and falling stock prices.
Tesla stock has tumbled since it reached a post-election high in December 2024. Axios reported Thursday that shares have fallen 42% so far this year. Axios also reported that Tesla shares fell on Thursday after Lutnick made his comments on Fox News.
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