The Republican Party has a plan to raise money for the 2018 midterm elections from millionaires, billionaires, and corporations, according to a new report by the Congressional Leadership Fund.
The report also found that in 2018, Republicans will need a net positive of $10.4 trillion to reach their goal of reaching $1 trillion in the deficit in 2022.
And while that’s not a huge number, it’s the largest gap in the country since the Great Depression.
The report, compiled by the political action committee of Rep. Ron DeSantis, R-Fla., the chair of the House Republican Conference, said the party will need to raise $8.9 trillion by 2024 to hit its goal.
The plan includes tax reform, raising the retirement age to 65 from 67 and making it easier for corporations to repatriate earnings.
DeSantis’ group is the largest in the House and has been critical of President Donald Trump’s tax plan.
The tax plan will raise $5.9 billion in revenue for the party, DeSantsaid in a statement Tuesday.
The group plans to spend $1.6 billion to help Democrats win back House seats in the 2018 elections.
The RNC’s report said the plan will help Republicans pass the 2018 budget that will increase revenue for both chambers of Congress and could provide a significant boost for Republicans’ 2018 legislative agenda.
The RNC said it will spend $3.3 billion on research and outreach to voters, including advertising, voter outreach, and public outreach, according a statement.
It will also invest in digital tools to engage with voters and encourage them to participate in the 2020 elections.
Ahead of the midterm elections, the RNC will focus on raising $2.2 billion to pay for television and radio ads and $2 billion in online advertising, according the statement.