The 1% Shower GOP Candidates with Mid-Term Campaign
Donald Trump’s tweets telling the super-rich to expect another big tax cut if Republicans hold onto the House and Senate is paying off for the GOP.
National Republican fundraising continues to run well ahead of Democrats, who are saddled with debt, new Federal Election Commission reports show.
Republicans have raised $1.1 billion this year, while the parallel Democratic Party organizations have yet to break the billion dollar mark. The Democrats are also saddled with 11 times as much debt as the GOP.
The net worth of the Big Four Democratic party organizations is just 56-cents to each dollar the GOP has.
The latest Federal Election Commission data, which we analyzed in the accompanying graphic, applies only for the national party organizations, not each campaign for 435 House seats, 33 Senate seats and 36 governorships.
Treasury Secretary Steve Mnuchin has floated the idea of reducing capital gains taxes by adjusting the amount paid to acquire assets for inflation. While our Constitution says Congress, not the executive branch, sets taxes just the idea that such a move may be attempted has tantalized the super-rich, especially those who like the Trump and Kushner families are invested in real estate.
Trump plans a second round of tax cuts, including lowering the corporate profits tax rate again.
Money alone does not win elections, but it helps.