It is the first in the series to look beyond the political donations of individual billionaires to those of billionaire families. [...] • Even among these top 50 spending • The political free-spending of billionaire families, donations are highly families is only possible because of concentrated: the top ten clans–including a broken campaign-finance system; prominent conservative families the and is facilitated by the ineffective Kochs, Mellons and Waltons–have taxation of billionaires and of billionaire contributed over half the. [...] The family’s donations have centered on the super PACs associated with Democratic congressional leadership: $7 million to the Senate Majority PAC and $4.5 million to the House Majority PAC. [...] The family is one of the biggest exploiters of zeroed-out Grantor Retained Annuity Trusts (GRATs), which effectively allow a parent to dodge wealth- transfer taxes on the appreciation in asset values by selling the assets to a child. [...] Oracle founder Larry Ellison, for example, contributed over $31 million in the 2022 campaign cycle, the vast majority of which went to the Super PAC Opportunity Matters Fund (OMF), which was dedicated to boosting the profile of Sen.
- Pages
- 18
- Published in
- United States of America
Table of Contents
- Authors 2
- Research 2
- REPORT DESIGN 2
- Editor 2
- Just 50 billionaire families have already injected more than 600 million dollars collectively into the 2024 elections. 3
- KEY FINDINGS 4
- Over two-thirds 69 of the money has been in support of Republican candidates. 4
- The Political Self-Preservation of Americas Economic Dynasties 5
- Super PACs How Billionaires Can Spend So Much on Campaigns 5
- Top Ten Billionaire-Funded Outside Spending Groups 6
- Partisan Breakdown of Billionaire Family Political Donations 7
- How Politicians Can Help Or Hinder the Growth of Billionaire Fortunes 8
- The U.S. tax code is not set up to properly tax billionaire families. 8
- Top Ten Billionaire-Family Political Donors Mostly Back Republicans 9
- Top 10 Billionaire-Family Political Donors 10
- 1 Jeff Yass Family 10
- 2 Ken Griffin Family 10
- 3 Mellon Family 11
- 4 Uihlein Family 12
- 5 Koch Family 12
- 6 Reid Hoffman Family 13
- 7 Jim Simons Family 14
- 8 Walton Family 14
- 9 Paul Singer Family 15
- 10 Joe Ricketts Family 16
- The Missing Donors Shadow Billionaires Probably Using Dark Money 16
- CONCLUSIONS AND SOLUTIONS 17
- DEFINITIONS METHODOLOGY 18
- With needed campaign and tax reforms in place we can start to shut down the billionaire family business of buying elections. 18
