Saturday, September 23

These billionaires are spending millions on 2022 election campaigns.

Good afternoon, OnPolitics readers!

It’s Amy here with the top political stories of the day. 👋

Billionaires are opening their wallets wide – very wide – to support political candidates and causes as a crucial election nears that will decide control of Congress for the next two years – and hence legislation that could benefit the ultra wealthy.

A USA TODAY analysis, by Donovan Slack, Rachel Looker and Javier Zarracina, found billionaires contributed nearly $675 million so far this election cycle – with almost all of that coming from the top 50 mega-rich givers, according to data tracked by OpenSecrets.

That’s more than 10% of the total pumped into the political system, a gigantic proportion compared to their miniscule share of the population. There are roughly three billionaires for every million adults in the United States.

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