2024 Election Fundraising Surge Reflects Voters’ Financial Influence

If the adage that people vote with their wallets holds true, then this campaign season has seen unprecedented voter engagement through financial contributions. As per Open Secrets, presidential candidates, including those who have exited the primaries, have collectively raised $1.5 billion this election cycle. Notably, Vice President Kamala Harris has achieved remarkable fundraising success, garnering over $540 million since entering the race just a few weeks ago. Candidates vying for seats in the House and Senate have also raised a substantial $2.5 billion.

The Charitable Spirit in Political Contributions

This trend highlights more than just the vast sums involved in politics. The 2024 election reveals a willingness among individuals to invest in causes they believe in, without the enticement of a tax deductionA tax deduction reduces taxable income, and is especially attractive to those with significant expenses such as state and local taxes, mortgage interest, and charitable contributions.. As lawmakers contemplate the renewal or revision of the 2017 taxA tax is a required financial charge imposed by governments to support their activities. cuts that are set to expire next year, it may be time to reconsider the necessity of a charitable tax deduction within the tax code.