Billionaire financier George Soros is launching a super PAC ahead of the 2020 election and, at $5.1 million, he has already made the single biggest contribution so far this election cycle compared to any other megadonor.
Soros contributed $5.1 million to the new group, Democracy PAC, according to Paperwork filed with the Federal Election Commission.
Super PACs, which are officially known as “independent-expenditure only committees,” are not allowed to make contributions to specific parties or candidates. They may, however, support initiatives independently of campaigns and do so by engaging in unlimited political spending.
According to Politico, Soros was one of the Democratic Party’s biggest donors in the last presidential election, with the party’s candidates and causes receiving Soros-sourced financial support to the tune of over $20 million. Compared to the corresponding phase in the 2016 election season, Soros has in the 2020 cycle already doubled his donation amount.
A person familiar with Democracy PAC told Politico that Soros’s family members may also support the initiative with their cash. Soros’s son, Alexander Soros, has in recent years increasingly taken on the role of a Democratic megadonor.
The Hill reported that Soros does not plan to use Democracy PAC to set up an independent political group but instead intends to funnel funds to other organizations.
“He has, unlike Tom Steyer or [Michael] Bloomberg, funded things like Senate Majority PAC and Priorities USA and EMILY’s List and Planned Parenthood and expects to continue to do so,” a person familiar with Democracy PAC told Politico.
Soros has not yet endorsed a candidate for president in 2020.
‘National Impact By and In 2020’
Soros helped fund Democratic efforts to flip Georgia, Arizona, and Florida in the recent midterm elections, The Epoch Times previously reported, noting that the strategy of flipping Republican “red states” to Democrat blue is laid out in his Open Society Foundations documents.
According to a white paper called “U.S. Programs 2015–2018 Strategy,” the progressive organization began funding activist operations in Arizona and Georgia in 2015, with the ultimate goal being to influence the outcome of the 2020 presidential election.
“Beginning in 2015 with initial investments, U.S. Programs anticipates seeking to have national impact by and in 2020, through targeted work in a small number of states. States such as Arizona, Georgia, or North Carolina, are quickly changing demographically and rising in political significance,” the document states.
Zuckerberg, Soros, and Bloomberg Spent Millions on Ballot Initiatives
According to earlier reports, Soros, Facebook founder Mark Zuckerberg, and former New York City mayor Michael Bloomberg were three of the dozens of billionaires who dropped millions of dollars into campaigns for ballot initiatives ahead of the last year’s midterm elections.
The group found that several weeks before the midterm election, 25 American billionaires had invested more than $70.7 million in campaigns for initiatives in states where they don’t actually reside.
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