Meet DonorsTrust.
They're one of the biggest right-wing dark money groups in America, and in 2021 they received two $425 MILLION contributions.
These donations are among the largest ever, they're largely tax-free, and they're totally anonymous.
Here's what you need to know 🧵
They're one of the biggest right-wing dark money groups in America, and in 2021 they received two $425 MILLION contributions.
These donations are among the largest ever, they're largely tax-free, and they're totally anonymous.
Here's what you need to know 🧵
DonorsTrust has been called the "dark money ATM" of the right, thanks to the millions it funnels to conservative causes on behalf of anonymous millionaire and billionaire donors.
Think Leonard Leo, the Federalist Society, Turning Point, Project Veritas.
politico.com/news/2022/11/1…
Think Leonard Leo, the Federalist Society, Turning Point, Project Veritas.
politico.com/news/2022/11/1…
Under federal law, DonorsTrust isn't required to disclose to the public who donates to them.
That means billionaires who want to stack the Supreme Court, kill taxes on the rich, and change election laws can bankroll those causes without the public ever knowing about it.
That means billionaires who want to stack the Supreme Court, kill taxes on the rich, and change election laws can bankroll those causes without the public ever knowing about it.
Even worse, billionaires can avoid paying taxes on the income that fuels these huge donations.
One of the $425 million gifts was made in corporate stock—selling it would normally trigger capital gains taxes.
By gifting it to a non-profit, both parties can avoid those taxes.
One of the $425 million gifts was made in corporate stock—selling it would normally trigger capital gains taxes.
By gifting it to a non-profit, both parties can avoid those taxes.
This revelation comes just weeks after the largest political donation in history was uncovered—$1.6 billion also made in corporate stock that helped the billionaire donor avoid having to pay capital gains taxes.
https://twitter.com/4TaxFairness/status/1568291410788634632
THIS is how billionaires are spending their untaxed fortunes to rig the system.
And the GOP is helping them. In September, they blocked passage of the DISCLOSE Act that would have required 501c4 nonprofit groups doing electoral work to disclose their donors who contribute >$10k.
And the GOP is helping them. In September, they blocked passage of the DISCLOSE Act that would have required 501c4 nonprofit groups doing electoral work to disclose their donors who contribute >$10k.
Thanks to Citizens United and decades of Republican tax cuts for the wealthy and their corporations, billionaires have more money and power than ever to undermine our democracy.
If that doesn't scare you, you haven't been paying attention.
If that doesn't scare you, you haven't been paying attention.
There is something seriously dangerous going on when billionaires are buying social media platforms, news outlets, and politicians.
We need to get big, dark money out of our elections, but we also really, really need to TAX BILLIONAIRES.
We need to get big, dark money out of our elections, but we also really, really need to TAX BILLIONAIRES.
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