In 2024, spending on federal elections totaled almost US$15 billion in the United States. The United Kingdom, in contrast, spent approximately $129 million on its 2024 parliamentary elections – less than 1% of 2024 U.S. spending – despite having a population one-fifth the size of the U.S.

Indeed, most other democratic countries spend only a fraction of what the U.S. does on their respective elections.

Why do U.S. elections cost so much?

Many people may attribute the blame to Citizens United v. FEC, the 2010 U.S. Supreme Court case that struck down corporate spending limits in elections.

Yet the source runs much deeper, to a case that marked its 50th anniversary in early 2026: Buckley v. Valeo, a landmark case that established the modern framework for U.S. campaign finance regulation.

Big money’s political influence

For most of U.S. history, political spending was an unregulated practice. In turn, big-moneyed interests wielded major influence over elections without any legal impediments.

In the early 20th century, however, Congress began implementing small measures to rein in unfettered campaign finance. In 1907, for instance, Congress passed the Tillman Act, which banned corporations from donating directly to candidates. By 1971, Congress had implemented the modern Federal Election Campaign Act, or FECA, which initially just included disclosure and disclaimer requirements for candidates.

Nevertheless, following the Watergate scandal – which included bags of cash and campaign dirty tricks – Congress enacted the more comprehensive 1974 FECA Amendments to more effectively restrain big money in American politics.

The FECA Amendments instituted, among other things, dollar limits on the amount of money individuals and political committees could contribute to federal candidates. Similarly, it limited the amount of money individuals could independently expend to support the election or defeat of a federal candidate.

Almost immediately, a number of politicians and other parties filed suit – including U.S. Sen. James Buckley, a New York conservative; former U.S. senator and 1968 presidential candidate Eugene McCarthy, a Minnesota Democrat; and the New York Civil Liberties Union – to challenge the........

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