With $50 Million Spent, Soros Is 2020’s Top Donor. Here’s Where His Money Is Going.
by Luis Miguel July 29, 2020
Records show that left-wing billionaire George Soros is the largest donor of the 2020 election, with $50 million spent so far on Democrat candidates such as Joe Biden and progressive causes such as Planned Parenthood — most of it spent indirectly through PACs.
This election season, Soros has largely worked through his new Democracy PAC, created last year. The PAC’s spending last quarter alone was $17 million, bringing its total cash disbursements for this cycle to $48 million. Soros directly gave $4 million to Democrat campaigns and committees, making his combined direct and indirect donations $52 million. That’s more than double Soros’ previous record of $22 million during the 2016 election.
Democrats often speak out against the influence of big money in politics. Democratic nominee Joe Biden, for example, says on his website that he will “reduce the corrupting influence of money in politics.”
“We could improve our politics overnight if we flushed big money from the system and had public financing of our elections…. Democracy works best when a big bank account or a large donor list are not prerequisites for office,” the former vice president’s campaign site reads.
Yet Biden has had no issue accepting cash from billionaires such as Soros. The Hungarian-born investor personally donated $500,000 to his campaign, and wealthy donors in total have contributed $83 million to the Biden Victory Fund.
“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 GOP operative told the Washington Free Beacon. “George Soros’s unprecedented spending further highlights just how dependent Democrats are on contributions from billionaires, despite their hypocritical rhetoric.”
Indeed, one of the benefits of Soros’ use of Democracy PAC is that he gets to keep his name off the donors’ lists. He has transferred tens of millions this election season from his $750-million-dollar Fund for Policy Reform (part of his Open Society Foundations network) to Democracy PAC and from there to various candidates, PACs, and nonprofits.
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