Soros Tops List of Biggest Donors This Midterm Season, Gave $128 Million to Help Elect Democrats
By: Michael Washburn
November 7, 2022: Wealthy citizens who have donated heavily to political campaigns in the current year include supporters of both the major U.S. political parties, though none of the others comes close to billionaire philanthropist George Soros, who has given more than $128 million to help elect Democrats, according to a new tally released by OpenSecrets, a Washington-based research organization.
The recipients of donations are not limited solely to individual candidates but also include parties, political action committees (PACs), the hybrid PACs known as Carey committees, and tax-exempt 527 organizations.
Soros, operating under the aegis of Soros Fund Management, leads the pack with a total of almost $128.5 million in donations, all of it to Democrat candidates and causes.
The next three slots on OpenSecrets’s list are occupied by individuals who have spent lavishly to support Republicans. They are Richard Uihlein, chief executive officer of shipping firm Uline, who donated $80.7 million; Kenneth C. Griffin, chief executive officer of the Citadel hedge fund, who gave $68.6 million; and Jeffrey S. and Janine Yass, the co-founder of technology firm Susquehanna International Group and his spouse, who gave almost $47.3 million.
Some of the names on the list, such as entrepreneur Timothy Mellon, who occupies the fifth slot, donated to both Democrat and Republican candidates and causes. Of Mellon’s total of about $40 million, the vast majority went to Republicans, with $10,700 going to Democrats.
In all, 40 of the donors on the OpenSecrets list supported only Democrats, 32 helped only Republicans, and 28 contributed to both categories.
The strength of the financial support that GOP-affiliated candidates and causes have received represents a factor not always conveyed in polls of prospective voters, one expert acknowledged.
“I am not sure people should put significant trust in the polls. The trend over the past few cycles has been to underestimate Republican support. If that is the case this time, we should expect some surprises on election night,” Mark C. Smith, chair of the department of political science, history, and government at Cedarville University in Ohio, told The Epoch Times.
But in a field where donors of many different sizes and profiles come into play, the impressive number of mega-donors sympathetic to GOP candidates does not mean that the latter have had the edge in fundraising in 2021 and 2022.
In its survey of spending for all candidates in House of Representatives races in 2021-2022, OpenSecrets found that 1,316 Democrat candidates raised a total of $921.5 milllion.
Although there were more GOP candidates altogether, 1,695, they raised a smaller total than their Democrat rivals, amounting to almost $889.9 million.
Surveying Senate races in 2021-2022, OpenSecrets found that here, too, Republicans fell short of Democrats. All told, 220 Democrat candidates raised $819.3 million, while 303 Republican candidates raised only $660.3 million.
Source: The Epoch Times