Theoretically, yes. But, I think people are sitting on their cash, as well as their hands. A couple of weeks ago Biden had a high roller meeting over in Madison — a Dem stronghold. He addressed this group and told them that they were the “deadest” group that he had ever addressed in his life as a politician. That elicited a laugh, but that’s about it.
I hope that sitting on their hands and wallets reflects their refusal to back a loser, or better yet, their finally saying they’ve had enough. After giving to the Dems for a generation, what have these wealthy people gotten from them? Their businesses which (for most) generate their wealth are taxed and regulated to death. Maybe they think now is the time to reverse their fortunes. And their giving.