John,

The billionaire takeover of American democracy is here. Our bombshell new report details how just 100 billionaire families spent a record $2.6 billion in the 2024 election cycle, one out of every six dollars spent in the presidential and congressional races combined.[1]

That’s two and a half times what billionaires spent in 2020 and 160 times more than before the disastrous Citizens United decision gave them free rein to buy our government.

From Elon Musk receiving executive power to rewrite government policy, to GOP mega-donors securing Cabinet appointments like prizes, it’s clear that billionaire spending in our elections is an investment. These oligarchs pour billions into super PACs and untold sums into dark money groups. In return, they get policies that slash their taxes, gut corporate regulations, and help them amass trillions more in untaxed wealth.

This isn't just corruption, it's systemic sabotage. While working families are crushed by high prices and stagnant wages, billionaires like Musk spend four times more on elections than they paid in taxes. Their goal? Rig the rules, rig the economy, and silence the rest of us.

We must fight back. Demand Congress tax the ultra-wealthy and overturn the Supreme Court’s Citizens United decision that made unlimited political spending possible. That’s the only way to stop billionaire money from drowning out the voices of everyday Americans.

Billionaires don’t throw their campaign money around randomly. It’s a calculated investment. Just look at the numbers: 70% of billionaire campaign contributions went to Republican candidates and causes. And it’s the GOP that’s working to make Trump’s 2017 tax cuts for the rich permanent, costing the public trillions while letting billionaires pay less than ever.

It’s no coincidence. The richest donors fund the politicians who help them dodge taxes. That’s why we need both stronger taxes on billionaire wealth gains and tough campaign finance reform to undo the damage of Citizens United.

Elon Musk’s $278 million investment in Trump didn’t just earn him influence, it earned him unprecedented control over government policy, including an attempt to eliminate the Consumer Financial Protection Bureau just as it threatened to make Musk’s planned digital payments system less profitable by protecting consumers.[2] This is what billionaire governance looks like.

It’s only getting worse unless we take action. Congress must tax the ultra-rich on all their income and pass laws to finally stop billionaires from using their unprecedented wealth to buy power.

Add your name to demand Congress get billionaire money out of politics.

Thank you for standing with us in this crucial fight,

David Kass
Executive Director
Americans for Tax Fairness Action Fund