MAGA Inc. files $10 million in Texas Senate ads, split against Talarico and for Paxton
The Saturday 48-hour notice to the Federal Election Commission is two $5 million independent expenditures to Del Ray Media LLC for connected TV and digital ads in the race for Sen. John Cornyn's seat. That $10 million is the filing, not an ad-tracking estimate, and it is not a contribution to Ken Paxton's campaign.
Nov. 3Texas general election, 59 days from the ads
Story updated 2026-09-08.
This story rests on MAGA INC.'s September 5 48-hour notice (FEC file 2010907), the two 30-second spots saved from the MAGA War Room posts, checked by ear with local speech recognition and frame by frame on September 8, Paxton's July 31 Texas Promise video, MAGA Inc.'s 2025-26 Form 3X receipts, the committee's August monthly report covering July, the Federal Election Commission's candidate pages for the July quarterlies, the Commission's 2026 independent-expenditure bulk file saved September 8, MAGA INC.'s March 11 notice for a Georgia special election, Texas House Journal roll calls on property-tax bills in 2019, 2023, and 2025, both campaigns' issue pages saved September 8, the Texas Secretary of State's 2026 dates page, November 3 election-law calendar, independent-candidate list, and Candidate Bio Portal capture for the November general, the University of Texas / Texas Politics Project August poll and the TPPF/Overton August poll, MAGA Inc. and Ken Paxton's posts on X, and coverage checked against those records. The $10 million figure is the FEC filing. It is not an ad-tracking firm's estimate.
The filing, then the ads
What happened
On September 5, MAGA Inc.'s treasurer, Charles Gantt, signed a 48-hour notice to the Federal Election Commission. A 48-hour notice is the form a political committee files within two days of paying for, or committing to, spending like this in the run-up to an election. This one lists two lines of $5 million each to Del Ray Media LLC of Alexandria, Virginia, purpose "PLACED MEDIA: CONNECTED TV & DIGITAL ADVERTISING": one to oppose Talarico, one to support Paxton. Schedule E dates the disbursement or obligation September 4 and the public distribution September 5.12
On September 5, MAGA Inc.'s treasurer, Charles Gantt, signed a 48-hour notice to the Federal Election Commission. A 48-hour notice is the form a political committee files within two days of paying for, or committing to, spending like this in the run-up to an election. This one lists two lines of $5 million each to Del Ray Media LLC of Alexandria, Virginia, purpose "PLACED MEDIA: CONNECTED TV & DIGITAL ADVERTISING": one to oppose Talarico, one to support Paxton. Schedule E dates the disbursement or obligation September 4 and the public distribution September 5.12
The filing was the public step, not the first one. On September 1 the Associated Press reported that MAGA Inc. "has been testing ads for Paxton, including one criticizing Talarico over rural hospital policy, but the ad has yet to air," and that "it might run online or on digital channels instead of on television." Four days later the notice described the buy as connected TV and digital, and one of the two spots is the rural-hospital ad.962
The filing was the public step, not the first one. On September 1 the Associated Press reported that MAGA Inc. "has been testing ads for Paxton, including one criticizing Talarico over rural hospital policy, but the ad has yet to air," and that "it might run online or on digital channels instead of on television." Four days later the notice described the buy as connected TV and digital, and one of the two spots is the rural-hospital ad.962
An independent expenditure is money spent on a message that names a candidate and asks voters to elect or defeat that person, without giving the money to the campaign. MAGA Inc. is a hybrid political committee with a non-contribution account: one account limited by contribution caps and one unlimited account used for independent spending. The $10 million here is that kind of spending, not a check to Paxton's campaign committee. On the same notice Gantt certified, "under penalty of perjury," that the spending was "not made in cooperation, consultation, or concert with, or at the request or suggestion of, any candidate or authorized committee."5012
An independent expenditure is money spent on a message that names a candidate and asks voters to elect or defeat that person, without giving the money to the campaign. MAGA Inc. is a hybrid political committee with a non-contribution account: one account limited by contribution caps and one unlimited account used for independent spending. The $10 million here is that kind of spending, not a check to Paxton's campaign committee. On the same notice Gantt certified, "under penalty of perjury," that the spending was "not made in cooperation, consultation, or concert with, or at the request or suggestion of, any candidate or authorized committee."5012
Both spots are about taxes, and both end with the same line: "MAGA Inc. is responsible for the content of this advertising." The anti-Talarico spot says he "supported a trillion dollar tax hike, higher property taxes, and higher taxes on social security." The pro-Paxton spot says he "voted to make it easier to increase property taxes, supported a $4 trillion tax hike," and "supports a radical health care plan that could close rural hospitals." Both promise a Paxton plan: doubling the child tax credit, write-offs for medical expenses, and a $50,000 deduction for first-time homes. The words of both are below, and each claim is checked against the record further down.1314
Both spots are about taxes, and both end with the same line: "MAGA Inc. is responsible for the content of this advertising." The anti-Talarico spot says he "supported a trillion dollar tax hike, higher property taxes, and higher taxes on social security." The pro-Paxton spot says he "voted to make it easier to increase property taxes, supported a $4 trillion tax hike," and "supports a radical health care plan that could close rural hospitals." Both promise a Paxton plan: doubling the child tax credit, write-offs for medical expenses, and a $50,000 deduction for first-time homes. The words of both are below, and each claim is checked against the record further down.1314
13MAGA Inc. Talarico ad, transcriptJames Talo Rico supported a trillion dollar tax hike, higher property taxes, and higher taxes on social security.
14MAGA Inc. Paxton ad, transcripta radical health care plan that could close rural hospitals and cost thousands in new taxes
Alex Pfeiffer, a spokesman for MAGA Inc., wrote the same day: "High Tax Talarico wants to take money out of Texans' pockets." Paxton posted that Talarico "has a record of raising taxes on working families" and thanked Trump for his support. JT Ennis, a Talarico campaign spokesperson, said in a statement carried by the Associated Press that "Billionaire-backed dark money groups are lying about James Talarico" and that Talarico "was proud to vote for the largest property tax cut in Texas history." The Texas Tribune added that Talarico's "economic plan includes raising taxes on corporations and billionaires and expanding tax credits for parents and lower-income workers."7867885
Alex Pfeiffer, a spokesman for MAGA Inc., wrote the same day: "High Tax Talarico wants to take money out of Texans' pockets." Paxton posted that Talarico "has a record of raising taxes on working families" and thanked Trump for his support. JT Ennis, a Talarico campaign spokesperson, said in a statement carried by the Associated Press that "Billionaire-backed dark money groups are lying about James Talarico" and that Talarico "was proud to vote for the largest property tax cut in Texas history." The Texas Tribune added that Talarico's "economic plan includes raising taxes on corporations and billionaires and expanding tax credits for parents and lower-income workers."7867885
The week, and what comes afterFrom the notice, the FEC filing calendar, and the Texas Secretary of State's dates.
DateDecision
Sep 4MAGA Inc. commits $10 million to Del Ray Media LLC for the ads the obligation date on the notice; the same day Trump says he has close to a billion dollars in the super PAC
Sep 5The 48-hour notice is signed and the two ads go public MAGA Inc., Paxton and Talarico post; AP, CBS, Fox, NBC, USA Today report it
Sep 6The Hill carries Gina Hinojosa welcoming the attention on Texas
Sep 8Talarico posts an ad with former Paxton aide David Maxwell a one-minute YouTube spot; a New York Times writeup the same day could not be opened
Sep 30Books close for the candidates' next FEC reports due October 15
Oct 14Books close for the pre-election reports due October 22
Oct 19Early voting in person begins
Nov 3Election day 59 days after the ads went public
Sixty days separate the commitment date and the election.26053
MAGA Inc. ad·September 5, 2026·30-second spot posted by MAGA War Room, captioned “James Talarico means higher taxes for Texas”
Tired of paying more in taxes? Ken Paxton pushing his new plan to make living more affordable for Texans. Paxton's plan, doubling the child tax credit, big write-offs for medical expenses, and a fifty thousand dollar deduction for first-time homes. James Talo Rico supported a trillion dollar tax hike, higher property taxes, and higher taxes on social security. Tallerico, higher taxes, Paxton, lower taxes. A clear choice.. MAGA Inc is responsible for the content of this advertising.13
13MAGA Inc. Talarico ad, transcriptdoubling the child tax credit, big write-offs for medical expenses, and a fifty thousand dollar deduction for first-time homes
Transcribed from the post on September 8
The pro-Paxton spot makes the same tax charge and adds the health care line.14
The pro-Paxton spot makes the same tax charge and adds the health care line.14
MAGA Inc. ad·September 5, 2026·30-second spot posted by MAGA War Room, captioned “When it comes to taxes, Ken Paxton is the better choice”
James Tallarico voted to make it easier to increase property taxes, supported a $4 trillion tax hike, and Talarico supports a radical health care plan that could close rural hospitals and cost thousands in new taxes. Ken Paxton supports tax cuts and has a plan to let you deduct medical expenses and the down payment on your home. When it comes to taxes, Ken Paxton's the better choice. MAGA Inc. is responsible for the content of this advertising.14
14MAGA Inc. Paxton ad, transcriptKen Paxton supports tax cuts and has a plan to let you deduct medical expenses and the down payment on your home
Transcribed from the post on September 8
The plan the spots credit to Paxton is his own July 31 video, which lists the deductions.40
The plan the spots credit to Paxton is his own July 31 video, which lists the deductions.40
Ken Paxton, Texas attorney general and Senate candidate·July 31, 2026·Paxton campaign video, YouTube
That's why I'm unveiling my protecting Texas Promise Agenda. It establishes a landmark $25,000 tax deduction for all out-of-pocket medical expenses, including insurance premiums. It creates a historic $50,000 home down payment deduction to make it easier to buy a home. It institutes a $5,000 healthy living tax deduction to help Texans stay active, eat healthier, and invest in their well-being.40
The filing itself: MAGA INC., committee C00892471, file 2010907, signed by Gantt on September 5, 2026. Schedule E, the list of independent expenditures, carries two lines of $5.0 million each to Del Ray Media LLC, purpose "PLACED MEDIA: CONNECTED TV & DIGITAL ADVERTISING," disbursement or obligation date September 4, public distribution September 5, election the 2026 general. One line opposes James Talarico, candidate S6TX00479; the other supports Warren Kenneth Paxton Jr., candidate S6TX00388. The notice totals $10.0 million for the period.12
Ken Paxton is the Texas attorney general. "Trump’s endorsement helped Paxton to defeat the incumbent, Sen. John Cornyn, in a May primary runoff election," the Associated Press wrote; that runoff drew $25.3 million in outside spending against Paxton from Texans for a Conservative Majority. James Talarico is "a 37-year-old state representative" and the Democratic nominee. Libertarian Ted Brown is also on the ballot.785961
Ken Paxton is the Texas attorney general. "Trump’s endorsement helped Paxton to defeat the incumbent, Sen. John Cornyn, in a May primary runoff election," the Associated Press wrote; that runoff drew $25.3 million in outside spending against Paxton from Texans for a Conservative Majority. James Talarico is "a 37-year-old state representative" and the Democratic nominee. Libertarian Ted Brown is also on the ballot.785961
Outside money in the general election, by committeeMillions of dollars reported to the FEC. Bars above zero help Paxton or oppose Talarico; bars below zero help Talarico or oppose Paxton.
MAGA Inc.'s $10 million is the largest single filing. Before the notice, 17 other committees had reported $16.3 million in general-election spending on this race; the chart shows the five largest of them.59
FEC independent-expenditure bulk file, saved September 8, 2026 (15,363 rows). Later filings will add to these totals.
the rows behind the bars
General-election rows (ele_type G) for candidates S6TX00479 and S6TX00388, keeping the highest file number per committee, candidate, and transaction id; 263 Texas Senate rows became 258. Lone Star Liberty PAC: $7,720,655.00 opposing Talarico plus $1,751,220.00 supporting Paxton. Truth and Courage PAC: $1,751,968.00 opposing Talarico. America PAC: $1,487,645.67 opposing Talarico plus $124,595.00 supporting Paxton. Protecting America's Future: $301,848.62 opposing Talarico. Lone Star Rising PAC: $1,416,599.96 opposing Paxton plus $709,564.75 supporting Talarico. Sum of the five committees other than MAGA Inc.: $16,254,658.26.
Ten million dollars is a large ad buy and a small share of the buyer. MAGA Inc. reported $403 million in cash on July 31, so this is 2.48 percent of it. Senate Majority Leader John Thune "estimated advertising costs $8 million a week" in Texas, which makes $10 million about 1.25 weeks of ads. Trump told reporters the day before the filing, "I think I have close to a billion dollars in the Super PAC"; the FEC record for MAGA Inc. itself shows the $403 million, and the rest, if it exists, sits in nonprofits that do not report to the FEC.49798
Ten million dollars is a large ad buy and a small share of the buyer. MAGA Inc. reported $403 million in cash on July 31, so this is 2.48 percent of it. Senate Majority Leader John Thune "estimated advertising costs $8 million a week" in Texas, which makes $10 million about 1.25 weeks of ads. Trump told reporters the day before the filing, "I think I have close to a billion dollars in the Super PAC"; the FEC record for MAGA Inc. itself shows the $403 million, and the rest, if it exists, sits in nonprofits that do not report to the FEC.49798
The campaigns' own money, through June 30From each candidate's FEC summary page and the Tribune's ad-tracking figures.
Talarico
Paxton
Raised
$68.6 million
$9.2 million
Spent
$47.0 million
$7.5 million
Cash on hand
$21.5 million
$1.8 million
Share from small gifts
56 percent
19.6 percent
Ads booked so far (AdImpact, via the Tribune)
$40.1 million
$0.3 million
The two FEC summary totals, over different windows, put Talarico at 7.4 dollars raised for every one of Paxton's. The Tribune's July 20 tracker, both campaigns from the start of 2025, is 72.0 million versus 16.8 million, 4.3 to 1. Neither figure is the campaigns' overall fundraising ratio. Campaigns also pay less than outside groups for broadcast ads, "meaning each dollar Talarico spends on those mediums buys more ad time than a GOP PAC," the Tribune wrote; MAGA Inc.'s buy is on connected TV and digital, "where campaigns and PACs are equal players."51528785
Talarico's FEC page covers September 8, 2025, to June 30, 2026; Paxton's covers April 1, 2025, to June 30, 2026. The two windows differ. Unitemized individual contributions are gifts the committee did not have to list by donor name on the report. Ad figures are AdImpact's counts as quoted by the Texas Tribune on September 5.
The Associated Press called the filing Trump's "first major midterm money move." The Texas Tribune wrote that the $10 million "is MAGA Inc.'s first expenditure of the general election." That is MAGA Inc.'s first general-election filing, not the first outside money in this race. 17 other committees had already reported $16.3 million in general-election independent expenditures before the notice, led by Lone Star Liberty PAC; most of the rest are small.788559
The Associated Press called the filing Trump's "first major midterm money move." The Texas Tribune wrote that the $10 million "is MAGA Inc.'s first expenditure of the general election." That is MAGA Inc.'s first general-election filing, not the first outside money in this race. 17 other committees had already reported $16.3 million in general-election independent expenditures before the notice, led by Lone Star Liberty PAC; most of the rest are small.788559
Two August polls, and a trackerHead-to-head figures as published. Margins of error are the poll's own.
Poll
Field
Sample
Talarico
Paxton
Margin
UT / Texas Politics Project
Aug 5 to 13
1,200 registered
42
39
2.83 / 3.58
TPPF / Overton
Aug 24 to 26
1,167 likely
44.0
43.4
2.9
TPPF / Overton, with leaners
Aug 24 to 26
1,167 likely
50.0
50.0
2.9
Texas Public Opinion Research
Aug 21 to 24
1,000 likely
48
42
3.3
The University of Texas / Texas Politics Project poll of 1,200 registered voters, August 5 to 13, has Talarico at 42 percent and Paxton at 39 percent; its unweighted margin is 2.83 points and its weighted margin is 3.58. The TPPF/Overton poll of 1,167 likely voters, August 24 to 26, has Talarico at 44.0 percent and Paxton at 43.4, margin 2.9; with leaners, 50.0 percent each. A third poll, by Texas Public Opinion Research, a self-published monthly tracking series, surveyed 1,000 likely voters August 21 to 24 and has Talarico "leading Republican Ken Paxton (42%) by six points," 48 to 42, with a margin of 3.3: the one August result whose lead clears its own margin. The Texas Politics Project tracker, last updated August 13 as of September 8, runs from Talarico plus 4 to Paxton plus 2. Two of the three polls sit inside their margins; the third does not.4857666967
UT/Texas Politics Project: registered voters, YouGov, matched to 1,200. TPPF/Overton: likely voters, text-to-web, plus or minus 2.9 percent. Tracker table in the saved page lists UT, Emerson, Bush School/ReconMR, TSU/YouGov, Fox, NYT/Siena, and Quantus.
The same UT poll asked how Texans rate Paxton's job as attorney general: 33 percent approve and 47 percent disapprove statewide, while 61 percent of Republicans approve, the figure CBS reported. NBC News wrote that Paxton "was impeached by the Republican-led state House in 2023 on allegations of bribery and abuse of public trust, though he was later acquitted by the state Senate after a trial," and quoted Thune saying Texas is "not one that we can lose." USA Today wrote that Cook Political Report and Fox rate the seat a toss-up. Put together: a nominee his own party rates well and the state as a whole does not, inside the margin in two of the three August polls, in a seat both parties treat as winnable.587986
The same UT poll asked how Texans rate Paxton's job as attorney general: 33 percent approve and 47 percent disapprove statewide, while 61 percent of Republicans approve, the figure CBS reported. NBC News wrote that Paxton "was impeached by the Republican-led state House in 2023 on allegations of bribery and abuse of public trust, though he was later acquitted by the state Senate after a trial," and quoted Thune saying Texas is "not one that we can lose." USA Today wrote that Cook Political Report and Fox rate the seat a toss-up. Put together: a nominee his own party rates well and the state as a whole does not, inside the margin in two of the three August polls, in a seat both parties treat as winnable.587986
What Trump has said about the money is larger than what the FEC can see. The White House pool for September 4 recorded him saying, when asked when the super PAC would spend on the midterms, "We already did. I think I have close to a billion dollars in the Super PAC," and the Associated Press quoted him the same day: "I'm going to spend whatever amount of money necessary to try and help us," and "This is my money." The Tribune wrote that he "told reporters Friday that he had close to $1 billion under his control between various PACs and nonprofits, and that he expected to spend $400 million to $500 million on the midterms"; CBS quoted him on August 21 saying "about $850 million" and named "Securing American Greatness, a nonprofit with ties to Mr. Trump's super PAC." A nonprofit does not report its cash to the FEC, so the billion can be checked only against the committee's own $403 million.8788581
What Trump has said about the money is larger than what the FEC can see. The White House pool for September 4 recorded him saying, when asked when the super PAC would spend on the midterms, "We already did. I think I have close to a billion dollars in the Super PAC," and the Associated Press quoted him the same day: "I'm going to spend whatever amount of money necessary to try and help us," and "This is my money." The Tribune wrote that he "told reporters Friday that he had close to $1 billion under his control between various PACs and nonprofits, and that he expected to spend $400 million to $500 million on the midterms"; CBS quoted him on August 21 saying "about $850 million" and named "Securing American Greatness, a nonprofit with ties to Mr. Trump's super PAC." A nonprofit does not report its cash to the FEC, so the billion can be checked only against the committee's own $403 million.8788581
The Tribune's other figures come from AdImpact, an ad-tracking firm, and they do not match the FEC file. The Tribune wrote that Lone Star Liberty PAC had spent "$18.9 million on the general election thus far" and America PAC "$1.4 million against Talarico"; the FEC general-election rows for Lone Star Liberty add to $9.5 million. AdImpact counts ads as booked; the FEC file holds what committees have reported. The two cannot be reconciled from the records this story cites. The Tribune also wrote that "Democrats have spent $41.7 million, nearly all from Talarico, to Republicans' $24.3 million," that Senate Leadership Fund "has not put any money into Texas in the general election," that Sen. John Kennedy said he was "hoping that the president's going to spend $100 or $200 million in Texas," and that Sen. Ted Cruz estimated the race could reach $200 million.8559
The Tribune's other figures come from AdImpact, an ad-tracking firm, and they do not match the FEC file. The Tribune wrote that Lone Star Liberty PAC had spent "$18.9 million on the general election thus far" and America PAC "$1.4 million against Talarico"; the FEC general-election rows for Lone Star Liberty add to $9.5 million. AdImpact counts ads as booked; the FEC file holds what committees have reported. The two cannot be reconciled from the records this story cites. The Tribune also wrote that "Democrats have spent $41.7 million, nearly all from Talarico, to Republicans' $24.3 million," that Senate Leadership Fund "has not put any money into Texas in the general election," that Sen. John Kennedy said he was "hoping that the president's going to spend $100 or $200 million in Texas," and that Sen. Ted Cruz estimated the race could reach $200 million.8559
The ballot, from the Texas Secretary of State's candidate portal for the November 2026 general election and the U.S. Senate office: James Talarico (Democratic), Ken Paxton (Republican), and Ted Brown (Libertarian), each with status "Candidate in the General Election." Jade Simmons is listed twice, as an independent, status REJECTED, and as a write-in, accepted; three other write-in candidates are Avery Ayers, Bradford "Brad" Hall, and Zul Mohamed. The state's 2026 dates page and the FEC both name Tuesday, November 3, 2026, as election day, and the state's election-law calendar set the deadline to certify party nominees to county election officers at August 28, 2026.6155535654
MAGA Inc.'s own books: the August monthly report covers July 1 through July 31, 2026, cash on hand $403 million, receipts $3.0 million, disbursements about $132,000; the July payee list includes Pfeiffer Public Affairs at $7,500 and Trump National Golf Club Washington DC at about $24,100, and no Del Ray Media line. The Texas notice is the committee's first 2026 notice for the regular November general election; its other 2026 notices were a March 11 filing for a Georgia 14th District special election, about $17,900 in text messages supporting Clay Fuller, and the August 24 South Carolina runoff notice for Darline Graham, about $828,000 year to date. Del Ray Media LLC is not new to the committee: the bulk file shows eight MAGA INC. rows to Del Ray in November 2025 for a Tennessee House special election, $1.2 million in all, and four Congressional Leadership Fund rows to Del Ray dated August 31, 2026, totaling $1.1 million.4911759
Talarico receipts $68,555,930.42 divided by Paxton receipts $9,248,698.53 is 7.4. Unitemized Talarico $36,717,034.10 divided by individual $65,585,741.88 is 56 percent. Unitemized Paxton $1,764,118.03 divided by individual $9,020,177.98 is 19.6 percent. MAGA Inc. $10,000,000.00 divided by July 31 cash $403,450,026.85 is 2.48 percent. Ten million divided by Thune's eight million a week is 1.25 weeks. Days from September 5 to November 3 are 59. Poll margins: plus or minus 2.83 points before weighting, 3.58 after; Paxton job rating statewide 14 strongly plus 19 somewhat approve, 7 somewhat plus 40 strongly disapprove.
Viewers, donors, and the calendar
Who feels it
Connected TV is television watched through an internet app rather than a broadcast or cable signal. The filing says the ads run there and online; it does not say in which markets or to whom.2
Connected TV is television watched through an internet app rather than a broadcast or cable signal. The filing says the ads run there and online; it does not say in which markets or to whom.2
September 30: the candidates' books close for their next quarterly reports to the FEC, due October 15. That is the first record of money raised after this buy.60
People had already paid into this race through the campaigns and through other independent-expenditure committees. More than half of Talarico's individual money, 56 percent, came in unitemized gifts: the committee did not have to list those donors on the report because the gifts did not exceed $200 in the year. For Paxton that share is 19.6 percent. Unitemized does not mean the committee lacks the name.51526559
People had already paid into this race through the campaigns and through other independent-expenditure committees. More than half of Talarico's individual money, 56 percent, came in unitemized gifts: the committee did not have to list those donors on the report because the gifts did not exceed $200 in the year. For Paxton that share is 19.6 percent. Unitemized does not mean the committee lacks the name.51526559
Who pays MAGA Inc.Largest givers on MAGA Inc. (C00892471) Form 3X filings covering July 2025 through July 2026, from Schedule A line 17. Bank interest, the exchange that sold the committee's bitcoin, and the FEC's cross-reference entries are left out. Rounded in the table; cents in the proof.
Name on the reports
Line 17 total
Greg Brockman
$25.0 million
Foris DAX, Inc.
$25.0 million
Diane Hendricks
$25.0 million
Miriam Adelson
$25.0 million
Konstantin Sokolov
$12.0 million
Securing American Greatness, Inc.
$7.5 million
RAI Services Company
$6.0 million
a16z Capital Management LLC
$6.0 million
Tyler Winklevoss
$5.0 million
Cameron Winklevoss
$5.0 million
Asha Jadeja
$5.0 million
Benjamin Landa
$5.0 million
Stephen Schwarzman
$5.0 million
GEO Reentry Services LLC
$4.4 million
Committee cash is not traceable to one buy. These are the largest receipts on the nine reports; they fund the committee's account, not a labeled Texas invoice.68
Read at build time from the SA17 rows in files 1930418, 1943509, 1949722, 1955690, 1970306, 1978142, 1986089, 2000587, and 2009096: 95 named givers, $205,456,748.25 in all. Greg Brockman $25,000,000.00; Foris DAX, Inc. $25,000,000.00; Diane Hendricks $25,000,000.00; Miriam Adelson $25,000,000.00; Konstantin Sokolov $12,000,000.00; Securing American Greatness, Inc. $7,500,000.00; RAI Services Company $6,000,000.00; a16z Capital Management LLC $6,000,000.00; Tyler Winklevoss $5,011,860.44; Cameron Winklevoss $5,006,604.47; Asha Jadeja $5,000,000.00; Benjamin Landa $5,000,000.00; Stephen Schwarzman $5,000,000.00; GEO Reentry Services LLC $4,413,000.00. Left out: $22,113,409.91 of memo entries (the FEC's cross-references to money already counted, including partnership attributions and the Winklevoss bitcoin restated against the exchange), $6,800,003.01 of JP Morgan Chase interest, and $11,518,449.91 of proceeds from Gemini Trust Company selling bitcoin and stablecoins the committee held; the Winklevoss brothers' bitcoin gifts are counted once each, under their names. This is committee C00892471, the Form 24 filer, not C00825851 (Make America Great Again Inc.).
Checked against the notice
What the coverage got right, and what it got wrong
Nine publications are in the records. They rest on fewer dispatches: the Associated Press, CNBC, and PBS NewsHour are one wire, and PBS carries "Josh Boak, Associated Press." Four called independent spending a gift to the campaign.283
Nine publications are in the records. They rest on fewer dispatches: the Associated Press, CNBC, and PBS NewsHour are one wire, and PBS carries "Josh Boak, Associated Press." Four called independent spending a gift to the campaign.283
wrote that Trump was “donating $10 million” and that “both donations” went to “Del Ray Media Inc.”
Mislabeled. The $5 million split and the Saturday filing check out.
The spending is independent, not a donation; the vendor is Del Ray Media LLC. The same story called an $827,000 South Carolina notice a donation to Sen. Darline Graham; that too is independent spending.
wrote that the group is spending $10 million on television and digital advertisements “according to a Saturday filing with the Federal Election Commission.” CNBC and PBS NewsHour ran the same dispatch.
Checks out.
Connected TV is television, so the wording matches the purpose line.
Checks out. It was checked the same way: the FEC notices.
NBC News, September 5, 2026, wrote that MAGA Inc. “had more than $400 million in the bank as of July 31.”Checks out: the August monthly close is $403 million.79
The coverage's claim: MAGA Inc. gave $10 million to Paxton's campaign
Wrong. The notice is Form 24, a report of independent expenditures. The payee on both lines is Del Ray Media LLC, a media vendor, not Ken Paxton for Senate. Gantt certified the spending was not made in cooperation with a candidate or authorized committee. The $10 million itself is right: the two $5 million lines add to it, and the figure is the filing, not an ad-tracking estimate.2122
The ads make six claims a viewer can check. Both spots put source slates on screen. The tax spot cites Punchbowl News, the Tax Foundation, Thomson Reuters, the Texas House Journal of May 25, 2019, and the Texas Tribune of June 12, 2019. The health spot cites Talarico for Texas, Navigant, and the Hoover Institution, and for the $4 trillion line cites Punchbowl and a Tax Foundation page of June 6, 2025.293334
The ads make six claims a viewer can check. Both spots put source slates on screen. The tax spot cites Punchbowl News, the Tax Foundation, Thomson Reuters, the Texas House Journal of May 25, 2019, and the Texas Tribune of June 12, 2019. The health spot cites Talarico for Texas, Navigant, and the Hoover Institution, and for the $4 trillion line cites Punchbowl and a Tax Foundation page of June 6, 2025.293334
Ad claim: Talarico “voted to make it easier to increase property taxes”
Accurate as a description of three 2019 votes, selective as an account of his record. The Texas Tribune's roll call of the April 30, 2019 House vote on SB 2 is 107-40; Talarico is listed N. The House Journal for May 1, 2019 records final House passage, "(Record 839): 109 Yeas, 36 Nays," with Talarico in the nays. The House Journal for May 25, 2019, the conference vote the ads cite on screen, is 88 yeas and 50 nays; Talarico is in the nays. He is in the yeas on SB 2 of 2023 (Record 31: 133 yeas, 4 nays) and on SB 4 of 2025 (Record 3116: 143 yeas, 0 nays). Governor Abbott called the 2023 bill "the largest property tax cut in Texas history," an $18 billion package. That is the vote the Ennis statement names.9015164163
Ad claim: Talarico “supported a $4 trillion tax hike” (one spot) and “a trillion dollar tax hike” (the other)
The two spots disagree, and the slates they cite do not name a Talarico bill with either figure. The health spot writes "$4,000,000,000,000" and cites Punchbowl News of September 9, 2025 and the Tax Foundation of June 6, 2025. The June 6 Tax Foundation page says the House-passed bill's tax provisions "would reduce federal tax revenue by $4 trillion between 2025 and 2034," a national score, not a Talarico proposal. The tax spot cites a Tax Foundation page of July 4, 2025 that says extending the 2017 tax law "would decrease federal tax revenue by $4.5 trillion from 2025 through 2034," again national revenue. The ad cites a Punchbowl News item of September 9, 2025 that sits behind a membership wall and a Thomson Reuters item of November 3, 2025 that could not be opened. The House Journal of May 25, 2019 and the Tribune of June 12, 2019 are the SB 2 vote and signing, not a trillion-dollar hike.33939294
Ad claim: Talarico “supports a radical health care plan that could close rural hospitals”
The ad cites Talarico for Texas (accessed March 12, 2026), Navigant of August 2019, and the Hoover Institution of October 20, 2020. His health page proposes to "join Medicare: Provide an affordable not-for-profit health care option for every American." The Navigant study is real and Texas-specific. Its severest case, in which employers move half of their covered workers and "85% of individual lives move from commercial insurance to the public option," all paid at Medicare rates, lists Texas with 30 rural hospitals at high risk of closure, 25.6 percent of the state's rural hospitals. So the ad's number traces to a model result. What the ad drops is the scenario and the word risk: the study rated hospitals at risk under one severe take-up assumption; it did not count closures. And Talarico's page does not say what his option would pay hospitals; its rural line promises to "improve Medicaid and Medicare reimbursement rates to more swiftly deliver payments to hospitals." Whether his plan matches the study's assumptions is not in the record.184634
18Talarico health care pageto join Medicare: Provide an affordable not-for-profit health care option for every Americanimprove Medicaid and Medicare reimbursement rates to more swiftly deliver payments to hospitals
Ad claim: the plan would “cost thousands in more taxes”
The on-screen slate points to a Hoover Institution paper of October 20, 2020 by Lanhee Chen, Tom Church, and Daniel Heil. The paper does not price Talarico's plan; it asks how a federal public option could be financed by 2050 and models the taxes each route would take. Paying for it through broad income taxes would mean "raising taxes on middle-income families by over $2,000 a year"; paying through payroll taxes would leave "taxes for typical families rising by over $3,900." Those are the paper's own financing scenarios for its own version of a public option, thirty years out. The paper states that the work "was supported by the Partnership for America's Health Care Future." The ad turns a conditional 2050 model into a present-tense cost.3547
Ad claim: Talarico supported “higher taxes on social security”
Supported in the narrow sense, misleading if read as a tax on benefits. His tax page says "eliminating the tax cap on those earning over $400,000 a year" so that "the wealthiest Americans pay their fair share into Social Security." That is a payroll tax on earnings above $400,000, not a tax on Social Security checks. The on-screen slate for this line is the same Punchbowl / Tax Foundation / Thomson Reuters / House Journal / Tribune cluster as the tax-hike line.1745
17Talarico tax pageeliminating the tax cap on those earning over $400,000 a year
Ad claim: Paxton's plan doubles the child tax credit, adds medical write-offs, and a $50,000 deduction for first-time homes
Published. In a July 31 video Paxton says, "That's why I'm unveiling my protecting Texas Promise Agenda," then names a "$25,000 tax deduction" for out-of-pocket medical expenses, a "$50,000 home down payment deduction," and "It doubles the child tax credit." The Texas Tribune the same day reported the $25,000 medical deduction, the $50,000 first-home deduction, and a proposed $4,400 child credit. CBS Texas on August 4 covered the plan. None of those records states a cost, an offset, or whether the deductions are above the line.408889
89CBS Texas on Paxton planannual $25,000 deduction on federal taxes for all out-of-pocket medical expenses
how this was added and checked
Independent-expenditure line opposing Talarico: $5,000,000.00. Line supporting Paxton: $5,000,000.00. 5,000,000 + 5,000,000 = 10,000,000; the notice's own total is $10,000,000.00. The spots were downloaded from the MAGA War Room posts with yt-dlp on September 8 (30 seconds each), transcribed with local speech recognition (FluidAudio Parakeet, via undertone), and read frame by frame (one frame a second). SB 2 votes are read from the 2019 House Journal and the Tribune roll call; 2023 and 2025 votes from the House Journal PDFs. Campaign pages were saved as served on September 8. Slate sources were fetched once each with a browser impersonation, then the Internet Archive; Punchbowl, Thomson Reuters of November 3, 2025, and the Hoover paper of October 20, 2020 did not yield a usable page.
After Saturday
What happened next
On September 6 The Hill reported Gina Hinojosa, the Democratic nominee for governor, telling CNN's Dana Bash she welcomed the attention on Texas after the buy. Talarico's own post that Saturday, "This is not capitalism; this is crony capitalism," does not name the ads, MAGA Inc., Paxton, or Trump; the campaign's response on the record is the Ennis statement.849
On September 6 The Hill reported Gina Hinojosa, the Democratic nominee for governor, telling CNN's Dana Bash she welcomed the attention on Texas after the buy. Talarico's own post that Saturday, "This is not capitalism; this is crony capitalism," does not name the ads, MAGA Inc., Paxton, or Trump; the campaign's response on the record is the Ennis statement.849
On September 8 the Talarico campaign posted a one-minute YouTube ad in which David Maxwell, a former Paxton aide who says Paxton ended his career, makes accusations about Paxton's conduct in office. A New York Times story on the ad the same day could not be opened.43
On September 8 the Talarico campaign posted a one-minute YouTube ad in which David Maxwell, a former Paxton aide who says Paxton ended his career, makes accusations about Paxton's conduct in office. A New York Times story on the ad the same day could not be opened.43
Watching: MAGA Inc.'s next 24-hour or 48-hour notices, the October 15 quarterly reports, the October 22 pre-election reports, and early voting from October 19.60
Watching: MAGA Inc.'s next 24-hour or 48-hour notices, the October 15 quarterly reports, the October 22 pre-election reports, and early voting from October 19.60
The Punchbowl News item of September 9, 2025 and the Thomson Reuters item of November 3, 2025 that the tax-spot slate cites. One attempt each did not yield a usable page.29
Why the Tribune's AdImpact figure for Lone Star Liberty PAC ($18.9 million) is about twice the FEC's reported rows. One counts bookings, the other filings; only the filings are in this story's records.85
49MAGA INC. August monthly report · saved September 8, covers July 1 to 31 · cash on hand at the end of July, July disbursements, and the Pfeiffer Public Affairs payee
59FEC 2026 independent-expenditure bulk file · saved September 8 · general-election totals by committee in the Texas Senate race, Del Ray vendor history, and the Cornyn-runoff outside money
60FEC 2026 quarterly filer dates · Federal Election Commission · October 15 quarterly due date and October 22 pre-general due date
61Texas SOS Candidate Bio Portal, U.S. Senate · captured September 8 in a browser · Talarico, Paxton, and Brown as November candidates, and Simmons rejected as independent and accepted as write-in
62SB 2 (2019) bill history · Texas Legislature Online · the bill the ad refers to, its caption and vote dates
78Associated Press on the Texas ads · published September 5 · Ennis statement, Friday Trump quotes, the nominees, the ads' tax claims, and the television wording
79NBC News on the Texas ads · published September 5 · the July 31 cash line, the 2023 impeachment, and Thune on Texas ad costs
80Fox News on the Texas ads · published September 5 · the Tribune fundraising figures, checked against the July 20 tracker
81CBS News on the Texas ads · published September 5 · donation wording, Del Ray Media Inc., the 61 percent GOP rating, the impeachment line, the $850 million quote, and the Graham donation wording
85Texas Tribune on the MAGA Inc. ads · published September 5 · AdImpact totals, the ad transcript, connected-TV explanation, and Trump counting PACs and nonprofits
86USA Today on the MAGA Inc. ads · published September 5 · the donated-to-the-campaign wording, the toss-up rating, and the $400 to $500 million plan
Name of Federal Candidate supported or opposed by expenditure: JAMES TALARICO
Candidate ID: S6TX00479
Office Sought: Senate
State is Texas in District 00
Date of Disbursement or Obligation = 09/04/2026
Date of Public Distribution/Dissemination = 09/05/2026
Person Completing Form: CHARLES GANTT
Date Signed = 09/05/2026
Amount Expended = $5000000.00
Name of Federal Candidate supported or opposed by expenditure: WARREN KENNETH JR. PAXTON
Candidate ID: S6TX00388
Office Sought: Senate
State is Texas in District 00
Date of Disbursement or Obligation = 09/04/2026
Date of Public Distribution/Dissemination = 09/05/2026
Person Completing Form: CHARLES GANTT
Date Signed = 09/05/2026
Amount Expended = $5000000.00
Total receipts
Individual contribution transactions
Spending
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
TALARICO FOR TEXAS (C00919084)
Total raised
Browse receipts
Coverage dates: 09/08/2025 to 06/30/2026
Total receipts
$68,555,930.42
Total receipts
Individual contribution transactions
Spending
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
KEN PAXTON FOR SENATE (C00901918)
PAXTON FOR TX SENATE REPUBLICAN NOMINEE FUND 2026 (C00930446)
Total raised
Browse receipts
Coverage dates: 04/01/2025 to 06/30/2026
Total receipts
$9,248,698.53
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
TALARICO FOR TEXAS (C00919084)
Total raised
Browse receipts
Coverage dates: 09/08/2025 to 06/30/2026
Total receipts
$68,555,930.42
Total contributions
$65,929,150.12
Total individual contributions
$65,585,741.88
Itemized individual contributions
$28,868,707.78
Unitemized individual contributions
$36,717,034.10
Party committee contributions
$0.00
Other committee contributions
$343,408.24
Candidate contributions
$0.00
Transfers from other authorized committees
$2,594,220.00
Total loans received
$0.00
Loans made by candidate
$0.00
Other loans
$0.00
Offsets to operating expenditures
$63.62
Other receipts
$32,496.68
Newly filed summary data may not appear for up to 48 hours.
Total spent
Browse disbursements
Coverage dates: 09/08/2025 to 06/30/2026
Total disbursements
$47,007,775.34
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
KEN PAXTON FOR SENATE (C00901918)
PAXTON FOR TX SENATE REPUBLICAN NOMINEE FUND 2026 (C00930446)
Total raised
Browse receipts
Coverage dates: 04/01/2025 to 06/30/2026
Total receipts
$9,248,698.53
Total contributions
$9,239,677.98
Total individual contributions
$9,020,177.98
Itemized individual contributions
$7,256,059.95
Unitemized individual contributions
$1,764,118.03
Party committee contributions
$62,000.00
Other committee contributions
$157,500.00
Candidate contributions
$0.00
Transfers from other authorized committees
$6,632.58
Total loans received
$0.00
Loans made by candidate
$0.00
Other loans
$0.00
Offsets to operating expenditures
$2,387.97
Other receipts
$0.00
Newly filed summary data may not appear for up to 48 hours.
Total spent
Browse disbursements
Coverage dates: 04/01/2025 to 06/30/2026
Total disbursements
$7,492,915.18
"S6TX00479","TALARICO, JAMES","C00901223","LONE STAR LIBERTY PAC","G","TX","00","S","DEMOCRATIC PARTY","200000","21-MAY-26","200000","O","AD BUY","ARMADA STRATEGIES","1978927","N","SE.4752","202605229870271711","22-MAY-26","2026","","22-MAY-26"
"S6TX00479","TALARICO, JAMES","C00901223","LONE STAR LIBERTY PAC","G","TX","00","S","DEMOCRATIC PARTY","1633345","28-AUG-26","1833345","O","AD BUY","ARMADA STRATEGIES","2010201","N","SE.4886","202608309904049385","30-AUG-26","2026","","28-AUG-26"
"S6TX00479","TALARICO, JAMES","C00901223","LONE STAR LIBERTY PAC","G","TX","00","S","DEMOCRATIC PARTY","5887310","31-AUG-26","9471875","O","AD BUY","ARMADA STRATEGIES","2010610","N","SE.4890","202609039904082363","03-SEP-26","2026","","01-SEP-26"
Since the beginning of 2025, Talarico’s campaign has lapped Paxton’s several times over, raising a cumulative $72.0 million compared to $16.8 million by Paxton’s.
Since the beginning of 2025, Talarico’s campaign has lapped Paxton’s several times over, raising a cumulative $72.0 million compared to $16.8 million by Paxton’s.
"SA17","C00892471","SA17.4915","","","IND","","BROCKMAN","GREG","","","","182 HOWARD ST #19","","SAN FRANCISCO","CA","94105","","","20250912","25000000.00","25000000.00","NON-CONTRIBUTION","OPENAI","PRESIDENT AND CO-FOUNDER","","","","","","","","","","","","","","","","","","","",""
Name of Federal Candidate supported or opposed by expenditure: JAMES TALARICO
Candidate ID: S6TX00479
Office Sought: Senate
State is Texas in District 00
Date of Disbursement or Obligation = 09/04/2026
Date of Public Distribution/Dissemination = 09/05/2026
Person Completing Form: CHARLES GANTT
Date Signed = 09/05/2026
Amount Expended = $5000000.00
Name of Federal Candidate supported or opposed by expenditure: WARREN KENNETH JR. PAXTON
Candidate ID: S6TX00388
Office Sought: Senate
State is Texas in District 00
Date of Disbursement or Obligation = 09/04/2026
Date of Public Distribution/Dissemination = 09/05/2026
Person Completing Form: CHARLES GANTT
Date Signed = 09/05/2026
Amount Expended = $5000000.00
Total receipts
Individual contribution transactions
Spending
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
TALARICO FOR TEXAS (C00919084)
Total raised
Browse receipts
Coverage dates: 09/08/2025 to 06/30/2026
Total receipts
$68,555,930.42
Total receipts
Individual contribution transactions
Spending
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
KEN PAXTON FOR SENATE (C00901918)
PAXTON FOR TX SENATE REPUBLICAN NOMINEE FUND 2026 (C00930446)
Total raised
Browse receipts
Coverage dates: 04/01/2025 to 06/30/2026
Total receipts
$9,248,698.53
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
TALARICO FOR TEXAS (C00919084)
Total raised
Browse receipts
Coverage dates: 09/08/2025 to 06/30/2026
Total receipts
$68,555,930.42
Total contributions
$65,929,150.12
Total individual contributions
$65,585,741.88
Itemized individual contributions
$28,868,707.78
Unitemized individual contributions
$36,717,034.10
Party committee contributions
$0.00
Other committee contributions
$343,408.24
Candidate contributions
$0.00
Transfers from other authorized committees
$2,594,220.00
Total loans received
$0.00
Loans made by candidate
$0.00
Other loans
$0.00
Offsets to operating expenditures
$63.62
Other receipts
$32,496.68
Newly filed summary data may not appear for up to 48 hours.
Total spent
Browse disbursements
Coverage dates: 09/08/2025 to 06/30/2026
Total disbursements
$47,007,775.34
Total disbursements
Disbursement transactions
Spending by others to support or oppose
Independent expenditures
Communication costs
Electioneering communication
Filings
Statements of candidacy
Other documents filed
Compare to
opposing candidates
Financial summary
Election
2026
Data is included from these committees:
KEN PAXTON FOR SENATE (C00901918)
PAXTON FOR TX SENATE REPUBLICAN NOMINEE FUND 2026 (C00930446)
Total raised
Browse receipts
Coverage dates: 04/01/2025 to 06/30/2026
Total receipts
$9,248,698.53
Total contributions
$9,239,677.98
Total individual contributions
$9,020,177.98
Itemized individual contributions
$7,256,059.95
Unitemized individual contributions
$1,764,118.03
Party committee contributions
$62,000.00
Other committee contributions
$157,500.00
Candidate contributions
$0.00
Transfers from other authorized committees
$6,632.58
Total loans received
$0.00
Loans made by candidate
$0.00
Other loans
$0.00
Offsets to operating expenditures
$2,387.97
Other receipts
$0.00
Newly filed summary data may not appear for up to 48 hours.
Total spent
Browse disbursements
Coverage dates: 04/01/2025 to 06/30/2026
Total disbursements
$7,492,915.18
"S6TX00479","TALARICO, JAMES","C00901223","LONE STAR LIBERTY PAC","G","TX","00","S","DEMOCRATIC PARTY","200000","21-MAY-26","200000","O","AD BUY","ARMADA STRATEGIES","1978927","N","SE.4752","202605229870271711","22-MAY-26","2026","","22-MAY-26"
"S6TX00479","TALARICO, JAMES","C00901223","LONE STAR LIBERTY PAC","G","TX","00","S","DEMOCRATIC PARTY","1633345","28-AUG-26","1833345","O","AD BUY","ARMADA STRATEGIES","2010201","N","SE.4886","202608309904049385","30-AUG-26","2026","","28-AUG-26"
"S6TX00479","TALARICO, JAMES","C00901223","LONE STAR LIBERTY PAC","G","TX","00","S","DEMOCRATIC PARTY","5887310","31-AUG-26","9471875","O","AD BUY","ARMADA STRATEGIES","2010610","N","SE.4890","202609039904082363","03-SEP-26","2026","","01-SEP-26"
Since the beginning of 2025, Talarico’s campaign has lapped Paxton’s several times over, raising a cumulative $72.0 million compared to $16.8 million by Paxton’s.
Since the beginning of 2025, Talarico’s campaign has lapped Paxton’s several times over, raising a cumulative $72.0 million compared to $16.8 million by Paxton’s.
"SA17","C00892471","SA17.4915","","","IND","","BROCKMAN","GREG","","","","182 HOWARD ST #19","","SAN FRANCISCO","CA","94105","","","20250912","25000000.00","25000000.00","NON-CONTRIBUTION","OPENAI","PRESIDENT AND CO-FOUNDER","","","","","","","","","","","","","","","","","","","",""
Sources
The Texas Tribune · July 20, 2026 · Tracking the money raised and spent in the U.S. Senate race between James Talarico and Ken Paxton