The voltage drop indicates high resistance. Think of a screen, clean water will pass through easily dirty it slows down same with electricity. You need to redo all of your connections.
Just outside of the brake drum is where the magnet connects to the wiring. Since these may at some point need replacing just clean them with a spray electrical cleaner and twist securely. You could trim a inch or two off the wire from the axle if needed. They almost always have a bit of extra wire stuffed inside the axle. Maybe put some heat shrink tubing over the connection instead of tape but tape will do if it's all you have on hand. Where the multiple wires join I like to solder them for a trouble free connection. You won't be able to heat shrink these but I've not had any trouble with electrical tape on soldered joints.
I like to tape the wire where in enters and leaves the axle. Put on enough tape so you have to force it into the hole. This will keep it from chaffing. You may even have to redo the plug that goes into the TV. A couple of hours work should give you years of trouble free service.
Each magnet should be drawing 3-3.8 amps, about 12-15 amps for the circuit.