Democrats Commit Vastly More Dark Money Than Republicans For 2024

Authored by Austin Alonzo via The Epoch Times (emphasis ours),

Democratic dark money groups, megadonors, and unions are funding a massive spending effort aimed at reelecting President Joe Biden and advancing the Democratic Party’s power in Washington.

So far, nine major outside spending groups say they will together spend nearly $800 million to support the reelection of President Biden. This is in addition to the massive financial resources the Biden campaign and the Democratic National Committee (DNC) will likely pour into the rematch of the 2020 election.

The progressive organizations—American Bridge 21st Century, Campaign for a Family Friendly Economy, Climate Power, League of Conservation Voters, MoveOn, Republican Voters Against Trump, Service Employees International Union, Unite the Country, and VoteVets— have pledged to spend a total of $792 million on the 2024 election to boost President Biden and the Democratic Party.

Former President Donald Trump, who is supported by the Republican National Committee (RNC) and its affiliates, is not seeing nearly as many commitments.

Groups pledging to back President Trump’s campaign or to hinder President Biden add up to less than a quarter of the amount pledged by the Democrat money powerhouse.

All told, about $160 million has been formally pledged to explicitly help President Trump’s campaign, and Republicans in general. One major group has said it will spend “eight figures” to go against President Biden.

An Epoch Times analysis of the financial records of the various groups shows many are a combination of federally regulated political action committees (PACs) and 501(c)(4) or 501(c)(3) nonprofits.

Under federal law, PACs must report regularly to the Federal Election Commission (FEC), disclose their donors, and declare their overall finances.

The nonprofits, which are classified as charitable organizations and social welfare organizations by the IRS, report much less often and aren’t required to name their donors. For this reason, 501s are frequently called dark money groups.

PACs that do share donor information are getting money from some of the most prolific donors and organizations in the United States.

American Bridge

American Bridge 21st Century, a group specializing in researching and publicizing negative information about opponents of the Democratic Party candidates, said it will spend $200 million on the 2024 election.

When American Bridge made its announcement in January, it said $85 million was already raised and committed.

American Bridge’s release said $140 million of its 2024 expenditure will go toward television, digital and streaming ads, radio, and direct mail placements in Michigan, Pennsylvania, and Wisconsin. It could extend its effort to North Carolina.

“These ads will feature the true stories of women voters and their families living in these key swing states and will use their voices to expose the truth about Trump’s agenda,” the release said.

American Bridge is registered with the FEC as AB PAC, a hybrid PAC. According to its latest financial statement filed with the FEC, it had about $5.9 million in cash on hand at the end of February.

Between January 2023 and the end of February 2024, AB PAC received numerous donations of more than $1 million.

The most prominent supporter was the super PAC, Democracy PAC, an entity largely financed by George Soros. Between January 2023 and February 2024, Democracy PAC gave about $4 million to AB PAC.

According to data collected by the watchdog organization OpenSecrets, Mr. Soros was the biggest spender in the 2021 to 2022 election cycle, spending about $178.8 million. Mr. Soros, the founder of the Open Society Foundations, is a prolific donor to Democratic and progressive causes.

In 2023, according to FEC records, Democracy PAC had only one donor: George Soros. In 2021 and 2022, according to FEC records, DemocracyPAC had two donors: Mr. Soros and the Fund For Policy Reform.

Fund For Policy Reform sent DemocracyPAC $25 million. Alexander Soros, George Soros’s son and the chair of Open Society Foundations, is a director of the Fund, according to its tax documents.

Additionally, Michael Moritz, a longtime partner at venture capital firm Sequoia Capital and now a senior advisor at Sequoia Heritage, gave AB PAC $2 million in June 2023, according to FEC records.

According to donor records maintained by OpenSecrets, Mr. Mortiz has sent $8 million to AB PAC between 2019 and 2023.

Two other Democratic Party megadonors are bankrolling American Bridge. FEC records indicate Reid Hoffman and Deborah Simon both sent $1 million or more to the hybrid PAC.

Ms. Simon, an heir to the Simon family real estate fortune, sent $2.5 million in 2023. Mr. Hoffman, the founder of LinkedIn Corp., sent AB PAC $1 million in 2023.

OpenSecrets ranked Mr. Hoffman and Ms. Simon among the top 25 largest spenders on the 2021–2022 election cycle. Together, they sent $35.7 million to liberal causes in that period.

American Bridge is also tied to the 501(c)(4) nonprofit American Bridge 21st Century Foundation. According to its most recently filed tax returns, the Foundation had about $1.3 million in net assets at the end of 2022.

Representatives of American Bridge didn’t respond to a request for comment from The Epoch Times.

Service Employees International Union

The Service Employees International Union (SEIU) represents 2 million workers in the United States and Canada, according to the union. Its membership is primarily employed in health care, public services, and property services.

In a March 13 announcement, the union said it will spend $200 million—its most extensive campaign ever—to reach as many as 6 million voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin.

“The union will engage multiracial working-class voters who are less likely to vote or have never voted at all through field programs, relational organizing, earned media, and paid media, partnering with community groups who are trusted messengers in their communities,” an SEIU release said.

The SEIU operates a labor organization political action committee—Service Employees International Union Committee on Political Education (SEIU COPE)—and is linked to the super PAC United We Can.

According to Federal Election Commission records, both of the groups are financed by SEIU members and the SEIU’s local unions.

The two funds, led by SEIU COPE, collectively retained about $35.3 million in cash on hand at the end of February, according to their latest FEC disclosures.

In the 2020 election cycle, covering 2019 and 2020, together, the funds raised about $78.5 million. Those funds, according to the FEC, spent about $7.7 million to support President Biden.

Representatives of the SEIU didn’t respond to a request for comment from The Epoch Times.

League of Conservation Voters

On March 19, the League of Conservation Voters (LCV), an environmental group that typically promotes liberal candidates for federal office, announced its plans to spend $120 million on reelecting President Biden.

LCV is a complex organization composed of nonprofits and FEC-registered PACs. Its two federal PACs—LCV Victory Fund and LCV Voters Action Fund—had about $14.7 million on hand at the end of February, according to the groups’ FEC filings.

LCV also includes the League of Conservation Voters Education Fund, a 501(c)(3) nonprofit, and the League of Conservation Voters Inc., a 501(c)(4) nonprofit.

According to the FEC, most of the money raised by the PACs between January 2023 and February 2024 came from the League of Conservation Voters Inc. It sent LCV Victory Fund about $12.7 million during that period.

LCV has received funding from multiple organizations tied to Arabella Advisors. In 2020, the Sixteen Thirty Fund, one of the most politically active accounts, sent LCV about $3.5 million, according to its IRS records.

Representatives of LCV didn’t respond to a request for comment from The Epoch Times.

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