Wisconsin politicians denounce the "billionaire loophole" that makes state elections so expensive, but they're still raising tons of cash. | Getty Images

Two high-profile candidates for governor of Wisconsin, Republican U.S. Rep. Tom Tiffany and Democratic former Lt. Gov. Mandela Barnes, have denounced the unlimited flow of cash into state political campaigns. Then, practically in the same breath, both men announced their plans to raise tens of millions of dollars, signalling to their less well funded primary opponents that they might as well get out of the way.

In an interview with PBS Wisconsin on Dec. 5, Tiffany criticized “that pass-through loophole, I call it the ‘billionaire loophole,’” in Wisconsin law, adding, “there’s just so much money that comes into Wisconsin.” 

“You can cry about it or you can compete,” Tiffany continued. “We choose to compete … We’re hoping to raise $40 million.”

As Baylor Spears reports, Tiffany actually voted for the “billionaire loophole” he now criticizes back when he was serving in the state Senate in 2015. 

Mandela Barnes, in a recent campaign stop in Madison, told Spears and other reporters that he has raised a “strong haul,” in the first week of his campaign, and that he intends to raise a staggering $50 million by the end of the race. He added that he doesn’t like the role of money in politics. “It’s not a good sign,” he said, and his future goal is “to get big money out of politics” and enact “campaign and ethics reform.”

Back in 2015, when Republicans were ramming through the “billionaire loophole,” Barnes opposed it, saying at the time that it would allow “shady special interest money and allow for more corruption to go undetected and unprosecuted.”

Jay Heck, executive director of Common Cause Wisconsin, remembers that moment well. Under former Republican Gov. Scott Walker, Republican legislative majorities passed the law eviscerating campaign finance limits along with other measures getting rid of the nonpartisan Government Accountability Board and eliminating the John Doe procedure that was used to criminally prosecute leaders of both political parties for campaign finance crimes in the infamous caucus scandal of the early 2000’s.

The 2015 law doubled the amount individuals could give to candidates. More importantly, it eliminated all limits on state party contributions to candidates and allowed coordination between candidates and outside groups that make issue ads supporting the campaigns. Donors were able to give as much as they wanted to political parties, which then funneled that money to candidates, creating the billionaire loophole to which Tiffany belatedly objects. The 2015 law cleared the way for outsiders like Elon Musk to pour limitless cash into state races to try to affect the outcome.

“The Republicans did that in 2015 because they were convinced that they would have a great financial advantage since they generally raised more money from donors and special interests,” says Heck. “Of course, what they didn’t anticipate was [former Wisconsin Democratic Party chair] Ben Wikler and the Democratic Party’s ability to take that big hole in the law and use it to raise massive amounts of money.”

Recently, Democrats in Wisconsin have been beating Republicans in the fundraising arms race. In 2025, in the most expensive judicial election in U.S. history, Susan Crawford, the candidate for the Wisconsin Supreme Court supported by the Democratic Party, raised $28.3 million compared with Republican-supported Brad Schimel, who raised $15.1 million. Outside special interests accounted for most of the spending on the race, with Musk alone putting in nearly $20 million through his political action committees and millions more laundered through the state Republican Party for Schimel, while the Democratic Party of Wisconsin funneled $10 million to Crawford.

The lesson of the 2015 law, says Heck, is, “be careful what you wish for.”

That certainly applies to Republicans, who lost the two most expensive state Supreme Court races in history as well as the last two record-breaking gubernatorial races won by Gov. Tony Evers with $93 million in total spending in 2018 and $164 million in 2022. 

But it also applies to Democrats, who cannot count on continually bringing in more money than Republicans.

More importantly, when it costs tens of millions of dollars to win state elections, regular voters’ voices are drowned out by billionaires, who are not investing in candidates just out of the goodness of their hearts.

Heck believes that change will only come when voters demand reform, most likely because a big scandal clearly illustrates that politicians are doing favors for their donors in exchange for campaign cash.

“It’s going to require a bipartisan coming-together to establish some limits,” Heck says. 

Even as the U.S. Supreme Court has opened the floodgate for campaign spending with the Citizens United decision, which in 2010 struck down a federal ban on political donations from corporations, and McCutcheon v. FEC, which in 2014 found that annual caps on total political donations from one person are unconstitutional, states have the ability to impose limits. 

A report by the National Conference of State Legislatures shows Wisconsin is one of only 11 states that allow unlimited candidate contributions by state parties and among the top 10 for the highest limits on PAC contributions to candidates. Minnesota, Michigan, Illinois and most other states limit how much political parties can accept, which reduces the Elon Musk effect. Plus, “We are one of few states that allows so-called coordination between political candidates and outside groups,” Heck says.

The problem is that candidates, while acknowledging that massive amounts of money fueling their campaigns is a bad look, don’t want to unilaterally disarm. 

But now, as the Trump administration drags the country to new levels of overt corruption, it could be a good time for a campaign that ties together billionaires’ destructive influence on society and the fact that they are buying our democracy. 

“There has to be public disgust with the amount of money being spent,” says Heck. “If a candidate put corruption front and center, it might get a lot of traction.”

“Costs, like everything else, are out of control, and coming from a family that had to make every dollar count, I know what that feels like,” Joel Brennan said in his launch video. (Screenshot from campaign video)

Joel Brennan, formerly the Department of Administration (DOA) secretary under Gov. Tony Evers, announced his campaign for governor Thursday, saying that President Donald Trump’s “chaos and incompetence” are hurting the state and that “the numbers just aren’t adding up for Wisconsin families.”

“Costs, like everything else, are out of control, and coming from a family that had to make every dollar count, I know what that feels like,” Brennan said in his launch video. “I’ll be a governor who will stand up to Trump’s dysfunction and be laser focused on improving the lives of people across our state.”

In the video, Brennan introduces himself, saying many voters “probably don’t know much about me.” He talks about growing up as one of 11 children in a family that was “long on potential, although sometimes a little short on resources.” He relates that he worked in many jobs including landscaping, retail and deep frying egg rolls to help put himself through college and that his first car had no working blinkers.

“I’ve raised two great kids with my wife, Audra, passing on lessons like rolling up our sleeves to get things done and showing up for our community, and for 25 years I’ve worked with businesses and non-profits to create jobs and strengthen Wisconsin’s economy.”

Brennan served as the DOA secretary from 2019 through 2021. The agency is responsible for assisting the governor with the state budget, providing centralized purchasing and financial management for state agencies and working with the 11 federally recognized Native Nations in Wisconsin on gaming and coastal programs. 

“It’s easy to forget how broken things were after [former Gov.] Scott Walker and his right-wing Legislature had spent eight years gutting state government,” Brennan said. “We got to work putting the state on firmer financial footing, generating a budget surplus of nearly $4 billion dollars and growing our rainy day fund to $1.7 billion, then COVID hit and all of that progress was put at risk. We stood up to the extremists and delivered help to tens of thousands of small businesses, farmers, and families across Wisconsin.”

Prior to his time in Evers’ administration, Brennan worked as the executive director of Discovery World, the largest science museum in Wisconsin. 

Brennan stepped down from leading the DOA in December 2021 to serve as the president of the Greater Milwaukee Committee (GMC). The private-sector, nonprofit civic organization works to foster economic development and cultural growth in Wisconsin’s largest metro area.

According to the Greater Milwaukee Committee, Brennan is stepping aside from the role as he runs for governor. 

Brennan joins a crowded field of hopefuls seeking the Democratic nomination next year. Candidates include Lt. Gov. Sara Rodriguez, state Sen. Kelda Roys (D-Madison), state Rep. Francesca Hong (D-Madison), Milwaukee County Exec. David Crowley, former Wisconsin Economic Development Corporation CEO Missy Hughes, former Lt. Gov. Mandela Barnes and former state Rep. Brett Hulsey. The primary is scheduled for Aug. 11, 2026.

Roys criticized Brennan in a statement after his announcement over a position the GMC took on a Milwaukee Public Schools referendum last year, saying that Wisconsin needs “a leader who knows how to deliver higher wages, lower costs and the freedom to thrive.”

“While I look forward to a spirited primary, I will not be able to overlook the fact that only one of the candidates in this race tried to defeat a desperately needed referendum to fund our biggest school district,” Roys said. 

The GMC, under Brennan’s leadership, was one of the city’s business organizations that opposed the $252 million operational referendum successfully sought by Milwaukee Public Schools in 2024. GMC expressed concerns at the time over transparency and the “failure to clearly articulate a measurable plan for how these additional financial resources will improve student outcomes.”

The Republican field for governor is not as expansive with just two candidates: U.S. Rep. Tom Tiffany, the frontrunner in the race, and Washington Co. Executive Josh Schoemann.

Democratic gubernatorial hopeful Mandela Barnes spoke with bike shop owner Mitch Pilon about rising costs under President Donald Trump and the effects of tariffs. (Photo by Baylor Spears/Wisconsin Examiner)

Even with a crowded Democratic primary field, gubernatorial hopeful Mandela Barnes told reporters Monday that he is focusing his efforts on the Republican candidate he might face in November 2026 and he has raised a “strong haul” in the first week of his campaign.

Barnes, a former lieutenant governor and U.S. Senate candidate, visited Black Saddle Bike Shop (where he said he’s often had his bike serviced) on the North Side of Madison. The stop was part of Barnes’ “Wisconsin Way” tour, launched last week after he announced his campaign. He has joined a field of candidates in the Democratic primary that includes Lt. Gov. Sara Rodriguez, Milwaukee County Executive David Crowley, Wisconsin Economic Development Corporation Missy Hughes, state Sen. Kelda Roys (D-Madison), state Rep. Francesca Hong (D-Madison) and former state Rep. Brett Hulsey.

Barnes said his fundraising so far is “something that’ll make my mom proud,” though he wouldn’t expand on how much money he has raised. He said his goal will be to raise $50 million in the race overall, though he also criticized the need to raise so much. 

Barnes noted that during Gov. Tony Evers’ successful second bid for the office, Evers spent around $42 million to defeat Republican businessman Tim Michels, who spent $28.48 million. A record-breaking $164 million was spent in 2022 on Wisconsin’s gubernatorial race.

“It’s not a good sign for things. I wish that were not the case. The goal is to get big money out of politics. The goal is for campaign and ethics reform,” Barnes said, adding that reform is needed at both  the state and federal levels. “We should be taking more steps to reduce the impact of money in politics,” he said.

Barnes said the first week of the campaign has been exciting, and he has been trying to talk to as many people as possible. He spoke with bike shop owner Mitch Pilon about rising costs under President Donald Trump and the effects of tariffs. 

“With an absence of support from the federal government, even if the state doesn’t have all the resources to make it better, at least staving off some of the worst from happening, I fully believe that’s a responsibility of state government,” he told Pilon, adding that he wants to help “tip the scales back into the favor of working people.” 

Pilon, who opened the shop in February 2020, said making ends meet has been a challenge for him and his partner, who is a social worker.

“In Wisconsin, after 10 years, your student loans should be absolved, which they’re not going to be now, and she has a master’s degree… that’s $100,000 in debt at social worker’s compensation,” Pilon said. The Trump administration has sought to upend student loan forgiveness programs this year. “I own a small business. I work really hard… we can’t afford a house.” 

“[Trump] promised to lower costs for people,” Barnes told reporters after the conversation. “He said he was going to bring back manufacturing to this country, specifically to this state. It hasn’t happened. As people continue to feel the pinch, tough decisions are being made.” 

Barnes said he got into the race because of the urgency of those sorts of challenges. 

“It’s a critical moment that calls for leadership. It calls for boldness, to not just take on the president, but to also offer real solutions for the problems that people are facing,” Barnes said. “So this is one of many small businesses that we’ll be showing up to… over the course of this campaign.” 

Pilon also asked Barnes about one of the obstacles that his campaign will need to overcome — his failed challenge to U.S. Sen. Ron Johnson in 2022. Barnes has faced pushback to his campaign due to that loss. 

“We lost the Senate race…” Pilon said. “How do you get over that? How do you rise above that?”

Barnes responded that he didn’t get into the race for “personal reasons.”

“I got into it because there was work that needed to be done,” Barnes said. “I don’t feel like the job is being done and, alright, that’s a wakeup call to go out there and raise my hand and do the job.” 

“How do you change people’s minds?” Pilon asked. 

“A lot of it is personal stories and experience,” Barnes said. 

It has been rare for candidates in Wisconsin to succeed in winning a statewide race after an earlier loss. Charles Franklin, director of the Marquette Law School poll, found in an analysis of previous governor and U.S. Senate election results that the last time a candidate won one of those statewide campaigns after losing a previous one was in the 1970s. Examples of failed second chances include Tom Barrett, who lost bids for governor in 2010 and 2012, Tim Michels, who lost to Evers in 2022 after he lost a bid for the Senate in 2004, and Russ Feingold, who lost Senate races in 2010 and 2016.

Barnes is undeterred by the precedent. 

“There’s a lot of history that would suggest I wouldn’t ever become lieutenant governor,” Barnes said in answer to a question about Franklin’s second-change analysis. “There’s also, you know, in terms of historical precedent, I don’t know that there is a precedent that suggests anybody on the Democratic or Republican side has a better chance of winning.”

Barnes ran for the Democratic lieutenant governor nomination in 2018 in a two-person race, going on to win on the same ticket as Gov. Tony Evers. He was elected and served as the state’s youngest and first Black lieutenant governor from 2019 to 2023. 

Wisconsin’s gubernatorial race next year is wide open for the first time since 2010.

During the 2022 Senate race, Barnes became the Democratic nominee after other high-profile candidates dropped out weeks before the primary.

Barnes denied he helped push the other Democrats out of the race then. He also said primaries are good for democracy when asked whether he wants other candidates to coalesce around him.

“I think it should be a battle of ideas, whether it’s a large primary or not, but would never that’s never been my style to try to get anybody out of any race,” Barnes said. “As you know, from the way I got in, I showed up by challenging someone in a primary election, so it’d be very hypocritical of me to suggest anybody get out.”

Barnes previously served in the Wisconsin State Assembly for two terms from 2013 to 2017. He gave up his seat in the state Assembly in 2016 to challenge former State Sen. Lena Taylor (D-Milwaukee). He lost the primary by more than 11,000 votes.

Barnes said his campaign will be focused not just on unifying Democrats but on a “unifying message to defeat extremists and extremism.” 

“It does not matter what your favorite ideology might be, there’s a place for you in this campaign because it is about improving quality of life for everybody,” Barnes said. 

With about 10 months until the primary, Barnes said he’ll be focused on the Republican candidates in the race. U.S. Rep. Tom Tiffany is the presumed frontrunner for the Republican nomination. 

“This is about pointing out flaws and failures, and Tom Tiffany as he stands as the front runner, his failures and leadership, his decisions to go lock-step with the president who has made things worse for Wisconsin,” Barnes said. “Tom Tiffany didn’t go to Washington to make things better for us, and we shouldn’t expect him to improve things for us as governor.” 

The primary election is scheduled for Aug. 11, 2026.

Ryan Strnad, who promoted recycling when he announced earlier this summer that he would seek the Democratic nomination to run for governor, ended his campaign Tuesday. (Photo by Isiah Holmes/Wisconsin Examiner)

Democratic hopeful Ryan Strnad, an American Family Field beer vendor from Mukwonago, announced Tuesday he is ending his campaign for governor. 

“I want to thank every person who supported this campaign,” Strnad said in a statement. “I ran to give working class families a voice and to deliver results for communities that have long been overlooked.”

Strnad launched his campaign for the Democratic nomination in August, acknowledging  he was polarizing and a longshot for the position. He told the Examiner at the start of his campaign that his mother thought he should “run for something smaller.”

He launched his campaign saying that he would seek to improve conditions for workers by repealing Act 10 and getting rid of “right to work” — the law that lets workers who are represented by unions decline to pay union dues without giving up their right to the union’s representation. He said he supported police and allowing access to abortion in Wisconsin. 

Strnad said he is endorsing Milwaukee County Executive David Crowley in the crowded race and encouraged his supporters to support him as well. He said Crowley “is the candidate who can hit the ground running, fight for families, and begin delivering those results for Wisconsin starting on day one.”

Other Democratic hopefuls include Lt. Gov. Sarah Rodriguez, state Sen. Kelda Roys (D-Madison), state Rep. Francesca Hong (D-Madison) and former Wisconsin Economic Development Corporation CEO Missy Hughes.