Home USA Conservative Dark Money Group Gets $1.6 Billion Donation In Huge Win For...

Conservative Dark Money Group Gets $1.6 Billion Donation In Huge Win For The Right

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A Republican donor gave $1.6 billion to a brand new conservative nonprofit final yr, the biggest identified donation to a political advocacy group within the nation’s historical past, The New York Times reported Monday.

The group, Marble Freedom Trust, is run by Leonard Leo, the co-chair of the conservative Federalist Society, an influential pressure in Washington that has labored to remodel the nation’s judiciary. Leo has been instrumental within the battle to overturn Americans’ entry to abortion and restrict voting rights throughout the nation. ProPublica notes Leo has straight helped choose judges to be nominated to the Supreme Court and arranged huge media campaigns to see them confirmed.

The sheer measurement of the donation will doubtless assist the nation’s conservative wing for years, if not a long time, and can function a selected boon to the GOP because the nation heads into November’s midterm elections.

The cash got here through Barre Seid, a 90-year-old electronics manufacturing tycoon from Chicago, who transferred the large sum through a collection of authorized tax loopholes that appear to have largely averted any liabilities, the Times reported. Seid donated 100% of his shares in his firm, Tripp Lite, to the nonprofit group earlier than the corporate was then offered for $1.65 billion to an Irish conglomerate.

The nonprofit group acquired the proceeds from the sale, which was accomplished in March 2021, some $1.6 billion in complete. ProPublica added the construction of the donation doubtless averted as a lot as $400 million in taxes.

Leonard Leo advised the Times it was “high time for the conservative movement to be among the ranks of George Soros."

Leonard Leo told the Times it was “high time for the conservative movement to be among the ranks of George Soros.”
via Associated Press

Marble Freedom Trust, which was founded in 2020, is what’s known in political circles as a dark money group that faces no requirements to publicly disclose its donors. Such organizations are able to spend as much as they like on third-party electoral efforts and political issues.

Leo told the Times in a statement it was “high time for the conservative movement to be among the ranks of George Soros, Hansjörg Wyss, Arabella Advisors and other left-wing philanthropists.” He stated the donation would assist the brand new group go “toe-to-toe in the fight to defend our constitution and its ideals.”

Tax filings show Leo is the trustee and chairman of the trust and has “primary authority” over how they money is spent, according to tax filings obtained by the Times. His power over the war chest will solidify his role as a conservative power broker and supercharge his relationships with major donors throughout Washington.

The $1.6 billion determine will instantly shift the steadiness of energy in American political spending. Dark cash teams have lengthy aided Democrats, and the Times notes the highest 15 most energetic nonprofit teams benefiting the occasion spent greater than $1.5 billion within the 2020 race (in comparison with $900 million for GOP-linked teams in that interval).

Democrats have worked to end such spending after the Supreme Court legalized the practice in its Citizens United decision, but have largely failed to do so thus far.

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