The case, McCutcheon v. Federal Election Commission, marks the most consequential campaign finance ruling from the high court since the landmark Citizens United decision in 2010.
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The Supreme Court struck down caps that individuals can make to candidates or political parties during a two-year election cycle, in an opinion issued Wednesday by Chief Justice John Roberts.
Critics immediately denounced the decision, saying it would give wealthy donors more freedom to influence an election.
In the majority opinion, the court ruled that the limits violated the First Amendment. The "aggregate limits do not further the permissible governmental interest in preventing quid pro quo corruption or its appearance," the opinion read (PDF).
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