: An expensive path to the Oval Office
Sophie Steinfeld, Washington DC
03/04/2024 | 05:14 am
Elections are expensive in America. So far 400 million dollars have been spent on this. Candidates have to raise a lot of money. A look at the donors behind it.
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The Center for Responsive Politics is a nonprofit organization that tracks and publishes campaign finance data and statistics. The numbers in the Open Secrets database are based on, among other things, Federal Election Commission (FEC) data and information from campaign offices.
More than 400 million dollars so far for the election campaign
According to OpenSecrets, the cost of the 2020 election was more than $14 billion — twice as much as the 2016 presidential election. Experts have rated it.
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As in Germany, candidates can receive public money for election campaign purposes, but the rules for doing so are unsavory, says Michael Kang, a Northwestern University law professor and campaign finance expert.
Current Federal Election Commission rules limit campaign spending for presidential elections to more than $60 million and candidates are not allowed to accept personal donations.
What Role Do PACs and SuperPACs Play?
Hence, Political Action Committees (PACs) and Super Political Action Committees (Super PACs) play an important role in election campaigns. Since 2010, the Supreme Court has allowed the creation of PACs and super PACs, allowing corporations and wealthy individuals to spend unlimited amounts of money on political campaigns as long as they don't directly donate to candidates.
- Be a naturalized US citizen
- At least 35 years old
- And must have lived in the US for at least 14 years
But there is a so-called Riot ban In the 14th Amendment. It essentially states that no one who has previously served as a public officer can hold a high office in the state Rebellion against the government is involved.
Source: dpa
The main difference between a PAC and a SuperPAC is that SuperPACs promise to use their money independently for their own purposes. However, they are not subject to any restrictions while collecting donations. A PAC can donate its money to candidates and parties, but is subject to restrictions.
The largest amount an individual donor can give directly to a candidate is currently more than $3,000. “Corporations and associations are not allowed to donate anything directly to candidates, which is why super PACs are so popular, and the consequences for an election campaign are enormous. There is no upper limit,” says Kang.
When Timothy Mellon, heir to the Mellon banking fortune, wants to write a $10 million check to Donald Trump, he makes it out to Trump-aligned superPAC MAGA Inc.
Donors Behind SuperPACs
SuperPACs raise large amounts of money quickly. Last month, Nikki Haley's campaign received $9.8 million in donations. The pro-Halley super PAC received an additional $5.8 million in individual contributions, nearly all from donations of $100,000 or more. This is evident from the data with the Central Election Commission.
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Trump is leading in the polls, but his finances are in trouble. His campaign and one of his super PACs spent more than that last month. One reason is his high legal costs.
Events where influencers fundraise for their favorite candidate are also profitable. An evening at James Costco, a former ambassador under the Obama administration, earned Joe Biden more than $7 million in California in December.
In an election campaign that lasts as long as in the United States, major donors are essential.
Money alone does not make a difference. In the 2016 election campaign, Hillary Clinton raised significantly more money than her rival, Donald Trump — and still lost.
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