Musk's spending draws Sanders' criticism
Tesla CEO Elon Musk has been a leading target of Sanders' criticism of wealthy political donors. According to Benzinga, Musk has given more than $445 million to political groups aligned with Republicans during the 2026 election cycle.
Sanders previously said Musk's wealth had increased by $696 billion since Trump's election. In August, he also challenged the Tesla and SpaceX CEO's plan to spend as much as $200 million on a Texas Senate seat. Sanders called the plan "oligarchy" and advocated ending Citizens United and banning super PACs.
The Texas race shows the difference between money raised by candidates and spending by outside groups. According to an Anadolu analysis, Democrat James Talarico had collected $146.3 million through October 14, 2026, while Republican Ken Paxton had raised $22.3 million. Outside groups, however, had spent $298.5 million in the general election to help Paxton or oppose Talarico, versus $79.9 million benefiting Talarico's side.
A proposed $5,000 limit on super PAC donations
Sanders' criticism accompanies his legislative effort to restrict super PAC funding. He and Rep. Summer Lee (D-Pa.) introduced the Abolish Super PACs Act on May 20, 2026. The proposal would limit each individual's contributions to super PACs to $5,000.
Congress.gov records show that Sanders' Senate bill, S.4602, was read twice and sent to the Committee on Rules and Administration. Lee led the House companion, H.R. 2352. According to her office, 17 additional House members backed the legislation, with Reps. Ro Khanna, Jim McGovern and Pramila Jayapal serving as original co-leads.
Sanders has argued that wealthy donors and oligarchs wield excessive influence over elections and can effectively buy candidates.
Donor totals and advertising projections
Separate assessments put the scale of 2026 election spending in context. The Brennan Center for Justice reported that the 40 largest donors contributed $2.4 billion through mid-October, a record for that stage of a midterm cycle since Citizens United in 2010. That total was more than 50% above the inflation-adjusted $1.6 billion given by the biggest donors over the entire 2022 cycle.
Anadolu's analysis of Federal Election Commission filings through October 24, 2026, found $3.1 billion in independent spending on House and Senate contests. Of that amount, $2.3 billion went toward the general election.
AdImpact projects $11.6 billion in political advertising for the 2026 midterms, which would make this the most expensive U.S. election cycle on record. The comparable totals were $8.9 billion for the 2022 midterms and $11.2 billion for the 2024 presidential cycle.
Party finances and views on political money
Party-finance figures reported by Benzinga cover January 1, 2025, through June 30, 2026. Republicans recorded $702.55 million in total receipts and $300.78 million in cash on hand; Democrats reported $666.29 million and $185.59 million, respectively.
Democrats received $413.65 million from individuals, compared with Republicans' $367.74 million. Contributions from other committees totaled $61.02 million for Democrats and $50.35 million for Republicans. Democratic disbursements were $544.07 million, while Republican disbursements reached $457.07 million.
An April 2026 Pew Research Center survey found concern about political money across party lines: 74% of Americans considered it a "very big problem." That view was shared by 70% of Republicans and Republican-leaning independents and 79% of Democrats and Democratic-leaning independents.
