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TomCADem

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Member since: Thu May 7, 2009, 11:59 PM
Number of posts: 16,058

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David Koch, Donald Trump Lead Wealthy Donors Past Now-Dead Campaign Finance Limit

You can see why the Republican party is suing for the ability to sell out further to the wealthy and eliminate any restriction against unlimited campaign contributions. We are not too far away from realizing the Republican dream of only allowing the wealthy to vote or at least vote in proportion to their wealth.

http://www.huffingtonpost.com/2014/05/23/mccutcheon-donors_n_5376099.html

WASHINGTON -- Some wealthy donors have already blown past limits on campaign contributions to political parties that were voided by the Supreme Court's McCutcheon decision last month.

The court's 5-4 ruling came on April 2, and by the end of that month, at least 41 donors had plowed past the old aggregate limits restricting how much one donor could give to political parties and political action committees. Prior to the court's ruling, donors could only give $74,600 to parties and PACs in one election cycle. Now, they're giving into the six-figures.

Among those taking advantage of the new rules were billionaire conservative funder David Koch, reality television star Donald Trump, two-time Republican Senate candidate and wrestling executive Linda McMahon, hedge fund executive and neoconservative Paul Singer, former Treasury Secretary Hank Paulson and casino billionaire Steve Wynn. The donations were disclosed in reports filed with the Federal Election Commission on Tuesday.

The Republican Party is the biggest beneficiary of the court ruling. The Republican National Committee, the party's central organ, joined the McCutcheon case against the FEC to challenge the aggregate limits to party committees. The majority of donors primed to go past the old limits after the ruling were Republicans. Just six of the donors passing the defunct limits gave primarily to Democrats. One -- John J. Megrue, Jr. -- mixed his contributions between the parties.
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