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Supreme Court Rules Aggregate Limits on Campaign Donations Unconstitutional

NEW YORK (TheStreet) -- In a ruling by the Supreme Court, limits on the aggregate amount of money donors were allowed to give to political candidates, committees and political parties have been struck down.

VIDEO TRANSCRIPT:

Some politicians may receive even more funds after a Supreme Court ruling that erased the limit on campaign donations.

The Supreme Court ruled that limits on the total amount of money donors were allowed to give to candidates, committees and political parties violated the First Amendment for free speech.

The 5-4 decision effectively strikes down the aggregate limit of $123,200 for a two-year election cycle. Prior to the decision, donors were limited to $48,600 to all candidates combined and $74,600 to all party and political action committees. The ruling now allows individuals to contribute up to $3.6 million in a two-year federal election cycle, as there are still federal restrictions on donations to a single candidate.

The decision was a divisive one, with Republicans touting it as a protection of free speech while Democrats argue that it favors the wealthy. 

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.

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