People For the American Way

Citizens United Turns 2012 Race into Billionaire’s Playground

If there was any question that the Supreme Court’s decision in Citizens United skews the balance of influence in our elections to the rich, an analysis by Rolling Stone shows that the real beneficiaries of the decision are really the very very rich. This profile of the 16 donors who have given at least $1 million to super PACs supporting Mitt Romney, including hedge fund managers, hotel tycoons, oil barons and of course, William Koch, reveals who is making the biggest impact in the presidential election.

In a democracy, we should be electing those who represent vast swaths of the American people. But one thing is clear: the special interests propping up Romney’s campaign have very little in common with average Americans. As Rolling Stone notes:

Most of the megadonors backing his candidacy are elderly billionaires: Their median age is 66, and their median wealth is $1 billion. Each is looking for a payoff that will benefit his business interests, and they will all profit from Romney’s pledge to eliminate inheritance taxes, extend the Bush tax cuts for the superwealthy – and then slash the top tax rate by another 20 percent. Romney has firmly joined the ranks of the economic nutcases who spout the lie of trickle-down economics.

How are these individuals able to throw so much of their wealth into the race? Essentially, Citizens United allows individuals and corporations to skirt the caps on contributions to campaign treasuries by funneling money through entities like Super PACs and 501c4 organizations:

Under the new rules, the richest men in America are plying candidates with donations far beyond what Congress intended. "They can still give the maximum $2,500 directly to the campaign – and then turn around and give $25 million to the Super PAC," says Trevor Potter, general counsel of the Campaign Legal Center. A single patron can now prop up an entire candidacy, as casino magnate Sheldon Adelson did with a $20 million donation to the Super PAC backing Newt Gingrich.

It’s unlikely that these donors are throwing so much money into the race solely for bragging rights – they certainly have agendas of their own. Most of the individuals profiled in the article stand to benefit from Romney agenda: more tax cuts to the rich, lax regulation of Wall Street and other industries, a hamstrung E.P.A, lucrative government contracts – and their outsized contributions demonstrate their belief that money buys influence. Citizens United exacerbated this unfortunate reality. At least that can be fixed by the people, with an amendment to the Constitution.

Tags:

Citizens United v. FEC, Election 2012, Super PAC