National: How Congress members opened door to bigger checks for their parties | Miami Herald
During the 2012 presidential campaign, hedge fund billionaire Ken Griffin famously complained that the wealthy have “insufficient influence” in politics, which is kind of like saying that a crocodile needs even more teeth, when the 24 it has do just fine, thank you very much. But as money pours into the 2016 campaign – where the issue of income inequality has been a powerful touchstone –the wealthy might be feeling a bit more empowered. No longer are donors bound by the strict contribution limits of just two years ago, when a mere $32,400 was the maximum amount you could annually contribute to either the Democratic or Republican national committee. Under new rules, that amount, which inflation pushed to $33,400, has increased tenfold: to $334,000. But wait. Among all the party outlets now available for contributions, a single donor over the course of the two-year election cycle can actually give more than $1.6 million. A couple, should they be feeling similarly generous, could write checks totaling more than $3 million.