by Owen North

The 2024 Presidential election is the most costly election in the history of the United States and has led to debates around campaign finance reform.

According to Forbes the Biden – subsequently Harris campaign – committee raised $997.2 million and Trump’s campaign committee raised $388 million between January 2023 and October 2024.

The staggering sums come from the most recent release from the Federal Election Commission.

In the US, the amount of cash an individual can donate to a political party is capped at $3,3000 per candidate per election cycle, however, under rules enforced by the FEC this limit increases to $5,000 per candidate if donated through an organisation called a Political Action Committee.

There is also the matter of Super PACs, created in the aftermath of a Supreme Court ruling in 2010, which are funded by individuals, NGOs, unions, and corporations and which differ from PACs in that they are able to donate an unlimited amount to independent organisations associated or linked with a candidate, but barred from donating directly to the candidate.

According to Forbes, Kamala Harris and the Democrats are leading the way among billionaires, with Harris receiving financial support from 28 billionaires including prominent names such as the creator of Microsoft Bill Gates and the former Mayor for New York Michael Bloomberg.