Unprecedented Levels of Outside Spending in 2024 Elections
The Rise of Dark Money and Shell Companies
Independent political committees, such as super PACs, have reported receiving over $1 billion from shell companies and "dark money" groups like nonprofits that do not disclose their donors. This represents a substantial jump from the 2016 election, when such groups contributed less than $71.7 million to federal political committees.The 2024 presidential race between Vice President Kamala Harris and former President Donald Trump has seen the most expensive U.S. election in history, with over $2 billion in outside spending. This surpasses the previous record set in the 2020 presidential election, when about $1.14 billion was spent by outside groups.
The record-breaking spending has been driven by super PACs allied with both major party candidates, fueled by dark money from anonymous sources. The top spender is Future Forward USA PAC, a hybrid PAC supporting Harris, which has reported spending about $517.1 million on the presidential race, with hundreds of millions of that attacking Trump in the final weeks of the election cycle.
The Billionaire Backers Behind the Spending
Future Forward USA PAC's top donor is a closely-tied dark money group, Future Forward USA Action, leaving the ultimate source of over $136.4 million of its funds unknown. Investigations have revealed some of the dark money group's funding sources, including $50 million from billionaire media mogul Mike Bloomberg and $19 million from the hybrid PAC this cycle.On the Republican side, Trump's main super PAC, Make America Great Again Inc., has spent about $377 million boosting Trump or opposing his rivals. The top donor to MAGA Inc. is billionaire Timothy Mellon, who has given $151.5 million to the pro-Trump super PAC.
Another top spender is the pro-Trump Preserve America PAC, which is funded primarily by Miriam Adelson, the wife of the late casino billionaire and conservative megadonor Sheldon Adelson. Preserve America PAC has spent over $112.2 million on ads primarily attacking Harris this cycle and received about $100 million of that from Adelson.
The Uihlein Family's Influence
Billionaire shipping supply magnate Richard Uihlein and his wife, Elizabeth, have emerged as prominent conservative megadonors, pouring about $138 million into federal political groups spending on 2024 elections. Uihlein's super PAC, Restoration PAC, has spent about $35 million boosting Trump and attacking Harris in the 2024 presidential race.The Uihleins have also channeled millions to other groups, including $4.6 million attacking Sen. Tammy Baldwin (D-Wisc.) and $3.1 million opposing Rep. Jared Golden (D-Maine), further expanding their influence in the 2024 election cycle.
The Most Expensive Senate Races
Outside spending on the 2024 Senate races has also reached historic levels, with Ohio's Senate election topping the list as the most expensive congressional race of the cycle. The main super PACs supporting the candidates, WinSenate PAC (aligned with Democrats) and Senate Leadership Fund (aligned with Republicans), have spent over $79 million and $71 million, respectively, in the Ohio race.Pennsylvania's Senate race is also among the most expensive in U.S. history, with outside spending reaching $240 million. The two party-aligned super PACs are the top spenders in this race as well.
The Role of Dark Money in Congressional Races
The influx of dark money has not been limited to the presidential and Senate races. Super PACs aligned with the Democratic and Republican leadership in Congress have also received hundreds of millions of dollars from anonymous donors through affiliated nonprofit groups.Majority Forward, the main dark money group aligned with Senate Democrats, has accounted for over $113.2 million in contributions to the Senate Majority PAC, the main super PAC supporting Senate Democrats. On the Republican side, the dark money group One Nation has given about $54 million to the Senate Leadership Fund, the main super PAC supporting Senate Republicans.
Similar patterns can be seen in the House, with the dark money group American Action Network steering $40 million to the Congressional Leadership Fund, the hybrid PAC associated with House Republican leadership.
The Ongoing Debate over Disclosure and Transparency
The unprecedented levels of outside spending and the rise of dark money in the 2024 elections have reignited the debate over campaign finance reform and the need for greater transparency in the political system. Watchdog groups and good government advocates have raised concerns about the influence of wealthy donors and the potential for corruption, as the sources of much of the funding remain hidden from the public.As the 2024 elections draw to a close, the impact of this record-breaking spending and the role of dark money will continue to be a subject of intense scrutiny and debate, with lasting implications for the future of American democracy.