With each election come innovations in ways that the very rich donate and the candidates collect and spend increasingly large amounts of money on campaigns. And with each decision on campaign financing the current Supreme Court’s conservative majority, with Chief Justice John Roberts in the lead, removes some restrictions on money in politics. We are now at the point where, practically speaking, there are no limits on how much money an individual, a corporation, or a labor union can give to a candidate for federal office (though the unions can hardly compete).Today a presidential candidate has to have two things and maybe three before making a serious run: at least one billionaire willing to spend limitless amounts on his or her campaign and a “Super PAC”—a supposedly independent political action committee that accepts large donations that have to be disclosed. The third useful asset is an organization that under the tax code is supposedly “operated exclusively to promote social welfare.” The relevant section of the tax code, 501(c)(4), would appear to be intended for the Sierra Club and the like, not political money. But the IRS rules give the political groups the same protection.The contributions to these last groups have come to be called “dark money” because the donors can remain secret. The very wealthy can contribute to such dark money groups in the knowledge that people won’t know who is trying to buy a candidate.
Source: How Money Runs Our Politics by Elizabeth Drew | The New York Review of Books
