A shadowy Silicon Valley group that, largely unnoticed, bankrolled Democrat candidates up and down the country in the 2018 midterms, will spend up to $140 million to topple President Trump in 2020, according to Recode.
Although Democrats like to be called “the party of the little guy,” when election season comes around, they're all about the big-money donors, a point which becomes more obvious when those donors are secretive Silicon Valley Stanford academics petitioning their friends for “at least $100,000” each.
“The group operates in a cone of secrecy, often exhorting its donors to keep their information secure. It has no website or presence on social media, and its leaders don’t mention their involvement in their professional biographies on sites like LinkedIn. That’s not by accident,” according to Recode.
One final note on Mind the Gap, Silicon Valley's $140 million to beat Trump.— Teddy Schleifer (@teddyschleifer) January 9, 2020
I found this snippet pretty striking -- and a reminder that the line between politics and philanthropy is thinner than ever.https://t.co/PF3vSmjaDn pic.twitter.com/b6Kt45Tb0o
It also doesn't smell right that political groups like Mind the Gap are allowed to benefit from a loophole in the tax code that makes incoming donations tax-deductible, even though the true purpose of these funds is not charitable in nature.
According to the July Recode article below, “today’s ‘working robber barons’ have used a tax break to create a $110 billion charity stockpile, called donor-advised funds. It isn’t getting any smaller.”
Almost all of the donations to these groups are tax-deductible, Mind the Gap reminds its donors. That’s because of rules that allow foundations, donor-advised funds, and individuals to write these gifts off under the name of “philanthropy” — even though the donations are routed by a Democratic interest group.
How a lawsuit could reveal secrets about Silicon Valley’s favorite philanthropic loophole https://t.co/wNBpdXawpT— Deep Clips (@DeepClips) January 10, 2020