The Richest 0.01 Percent of Americans Gave 42 Percent of Political Donations in 2012

[[{"type":"media","view_mode":"media_large","fid":"599148","attributes":{"alt":"","class":"media-image","height":"240","typeof":"foaf:Image","width":"480"}}]]


Forget the top one percent, the top 0.01 percent of Americans gave nearly 42 percent of all political donation dollars in the 2012 election cycle. Just over 30,000 individuals contributed nearly half of all money. It is no coincidence that this proportion has increased steadily as economic inequality has increased. In 1990 when I was born, the figure was just under 13 percent. If we expanded the scope to the full one percent, you can be damn sure they gave the overwhelming majority of dollars in recent years.

Candidates devote 80 percent of their time to begging rich people for money. Any extremist Republican can get a billionaire sugar daddy. The world's eighth richest man can summon the entire Republican primary field to kiss his ring. Millionaires are now complaining about being ignored in favor of billionaires. The average member of Congress is a millionaire.

It should come as no surprise that policymakers look after the ultra-wealthy instead of the rest of us. This trend of increasing economic and political inequality shows no sign of abating. Inequality is incompatible with democracy and it has created a plutocracy. Republicans like Marco Rubio are even proposing abolishing capital gains taxes in an all-out assault on those who actually earn their income.

[[{"type":"media","view_mode":"media_original","fid":"599149","attributes":{"alt":"","class":"media-image","height":"200","typeof":"foaf:Image","width":"600"}}]]

Government of the rich, by the rich, for the rich, brought to you by the Supreme Court. Honest Abe must be spinning in his grave over what his party has become.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

Close
alternet logo

Tough Times

Demand honest news. Help support AlterNet and our mission to keep you informed during this crisis.