Democrats profit as dozens of donors near $108K cap

USA Today reports:

Dozens of donors are nearing the $108,200 cap on federal campaign contributions for the 2008 elections in a sign of the record-breaking cost of the White House race, an analysis conducted for USA TODAY shows.

With a year to go in what will be the most expensive presidential race, 113 people have donated at least two-thirds of the amount they can give legally to all federal candidates, parties and political action committees, according to research by the non-partisan Center for Responsive Politics.

Among the big givers: billionaire Kirk Kerkorian, San Diego Chargers owner Alex Spanos, newspaper heiress Nan McEvoy and shopping mall magnate Mel Simon.

The cap increased in 2002 as part of a campaign-finance overhaul. It was raised partly to reduce the time candidates spend on fundraising, and to offset a ban on wealthy people, unions and companies giving unlimited and unregulated amounts of so-called soft money.

Even so, donors who can afford to give the maximum are an elite group with undue influence, says Michael Malbin of the Campaign Finance Institute. Candidates "are much more likely to hear about capital-gains taxes than about food stamps," he said.

In 2004, 372 donors hit the limit, then $95,000. Roughly 60% went to Republicans; nearly 40% to Democrats.

This year, nearly 90% of the money from contributors nearing the limit is going to Democrats, the analysis found. That mirrors the fundraising edge Democrats have over Republicans running for the White House and Congress.

The Democrats:the big money party.