by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Liberal billionaire George Soros is on pace to double his 2016 election spending as he works to oust President Donald Trump, public records show.
Soros’s big investments in the 2020 race have gone into the coffers of the Democracy PAC, a super PAC that passes money to other liberal PACs working to defeat Trump and congressional Republicans. The super PAC has received $40 million—double the $20 million Soros spent on Democratic efforts during the 2016 election cycle—from both Soros and a nonprofit in his sprawling network.
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.
Republicans have noted that many Democratic candidates who lambast big money in politics benefit from the billionaire’s cash. “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 said. “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. Factoring in the money from the nonprofit, Soros’s election spending eclipses that of any right-leaning donor this cycle.