According to Investopedia.com, the US Federal Election Commission (FEC) has set many regulations to strictly control the spending of financial funds of presidential candidate campaign committees, even when the candidate decides to withdraw from the race for the White House or after the election ends.

Prohibition on using donations for personal purposes

US presidential candidates are not allowed to use campaign funds for personal purposes, after all campaign-related expenses have been paid. In other words, campaign funds “may not be used for expenditures that exist independently of the campaign.”

Điều gì xảy ra với các khoản đóng góp cho ứng viên tổng thống Mỹ? Campaign funds are prohibited from being used for personal purposes. Photo: FEC

Expenses considered personal use include: household goods; mortgage or rent payments for personal residences; salary payments to members of a candidate's immediate family, unless those members provide essential services to the campaign and the payment reflects the value of the service on the open market.

However, candidates are allowed to transfer surplus funds from previous campaigns to use in the current campaign. For example, Democratic Senator Bernie Sanders transferred $12.7 million left over from previous campaigns to his own 2020 US presidential campaign committee.

Điều gì xảy ra với các khoản đóng góp cho ứng viên tổng thống Mỹ? Legal expenses can use money from campaign funds. Photo: FEC

Refunds of candidates who drop out of presidential race

The US federal election campaign law limits the amount any individual can donate to a candidate to $3,300.

However, it is important to note that the primary election and the US presidential election are considered two separate elections. This means that an individual can contribute to a candidate's campaign fund up to two times, with a maximum contribution of up to $6,600.

Điều gì xảy ra với các khoản đóng góp cho ứng viên tổng thống Mỹ? Illustration photo. Photo: Al Jazeera

If a candidate has received contributions to his or her US presidential campaign, but has dropped out or lost in previous primaries, these contributions must be returned to individual donors within 60 days. Additionally, candidates can redistribute election funds with the permission of the donors.

Are campaign contributions taxable?

According to Investopedia.com, all political organizations are subject to tax under Section 527 of the Internal Revenue Code. Therefore, those who want to contribute to campaigns should note that their contributions “are not considered charitable contributions and therefore cannot be claimed as a tax deduction.”

General Summary

US presidential campaigns can raise millions or even billions of dollars through donations from individuals and businesses. Campaign contributions can be used for travel, administrative, and campaign-related expenses. Candidates must also keep careful records of where their donations come from and how they are spent.

But when a candidate's campaign is suspended for any reason, the candidate's campaign committee must find a way to refund the donors. It is forbidden for candidates to use campaign funds for personal purposes.

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