by WorldTribune Staff, July 6, 2020
George Soros has poured $40 million into a super PAC which distributes funds to other leftist PACs which are working to defeat President Donald Trump in November, public records show.
The liberal billionaire is on pace to double the amount he gave to Democrats in the 2016 election.
Soros’s 2020 cash bonanza has gone into the coffers of the Democracy PAC, the records show.
“The megadonor’s torrent of spending highlights the extent to which liberal donors are committed to getting Trump out of office. Many groups financially backed by Soros have launched multimillion-dollar attack ad campaigns in swing states to reach moderate voters who backed Trump in 2016. A network of liberal donors, including Soros, has pledged hundreds of millions on 2020 election efforts,” Joe Schoffstall noted in a July 5 report for the Washington Free Beacon.
Many Democrat candidates who are the loudest voices against big money in politics benefit from Soros’s cash, Republican operatives say.
“While Democrats across the country sanctimoniously rail against the influence of dark money in politics, their party’s largest donors are bankrolling a massive web of liberal organizations to get them elected,” one operative told the Free Beacon. “George Soros’s unprecedented spending further highlights just how dependent Democrats are on contributions from billionaires, despite their hypocritical rhetoric.”
Soros has directly provided $5.5 million to his super PAC. Another $35 million came from his Fund for Policy Reform, a nonprofit in his Open Society Foundations network that reported having $750 million in the bank on its most recent tax forms.
“This arrangement allows Soros to keep his name from the top of lists highlighting the biggest donors to political committees while he gives tens of millions indirectly,” Schoffstall noted. “Factoring in the money from the nonprofit, Soros’s election spending eclipses that of any right-leaning donor this cycle.”
Soros’s spending spree puts him in the same neighborhood as another leftist billionaire. Failed presidential candidate Tom Steyer has pumped $40 million into 2020 elections and is ranked as the largest donor this cycle.
In the current cycle, the Democracy PAC has distributed $25 million to other liberal PACs, Schoffstall’s report noted. That includes a $7 million donation to the Senate Majority PAC, a committee tied to Senate Minority Leader Chuck Schumer; $5 million to Priorities USA Action, the largest outside pro-Biden PAC; and $2.5 million to the left-wing Win Justice coalition.
“Soros also sent $2 million to committees directly, without passing the contributions through his PAC,” Schoffstall noted.
These donations include $500,000 to the Democratic Grassroots Victory Fund — a joint fundraising committee between the DNC, all 50 state Democratic parties, and the District of Columbia Democratic committee. He sent hundreds of thousands more to House Speaker Nancy Pelosi’s victory fund, the Democratic Senatorial Campaign Committee, and other Democratic committees.