It seems George Soros, a billionaire who made his fortune largely betting against various national currencies, doesn’t like the tax cuts that prompted many companies to give workers $1,000 bonuses last winter when the new rates were adopted by Congress.
That’s evident because a long list of organizations that he supports are actively moving in the “Not One Penny” campaign, an effort to repeal the Trump tax cuts.
Soros, founder of the Open Society Foundations, contributes to the repeal campaign through groups he funds, including Demos, MoveOn.org, People’s Action, People for the American Way, Public Citizen and Working Families groups, according to Matthew Vadum, of the Capital Research Center.
The CRC examines how foundations, charities and other groups obtain and spend their money in politics and advocacy.
“Known as ‘the man who broke the Bank of English,’ George Soros (born Gyorgy Schwartz) is a Hungarian-born American citizen, investor, author, political donor and philanthropist,” the site explains. “After escaping totalitarian rule in Hungary, Soros used his survival experiences to acquire wealth through hedge funds and other financial vehicles, becoming one of the richest men in the world.
“While his original philanthropic and political focus was former Soviet-bloc states, Soros now advocates for regulations intended to reduce market instability in the United States. Soros is one of the United States’ top donors, spending billions on campaigns, think tanks, start-ups and nonprofits that promote his agenda.”
Vadum said Not One Penny is a project of the Sixteen Thirty Fund, a left-leaning nonprofit that gets money from Soros’ Tides Foundation and labor unions.
The Signal said the campaign appeared about a year ago with a massive ad buy in eight Republican-held congressional districts.
The Washington Post said the districts all have “large numbers of white voters without college degrees, who voted for Donald Trump in 2016 but have not historically been passionate about tax cuts.”
A Tides spokesman denied it was funding the campaign but said it does give support to a number of organizations.
“Trump signed the Tax Cuts and Jobs Act into law three days before Christmas. Beginning this year, the new law cuts the corporate income tax rate from 35 percent to 21 percent and drops the top individual tax rate to 37 percent,” the Signal reported.
The bill reduces income tax rates, doubles the standard deduction and eliminates some exemptions. Although the corporate tax cuts currently are permanent, the individual changes are set to expire at the end of 2025.
The White House called the tax cuts “the biggest gross tax cuts in American history, cutting over $5.5 trillion in taxes over 10 years.”
The campaign against the tax cuts isn’t operating in the best interests of average Americans and doesn’t stem from a spontaneous uprising of concerned citizens, Vadum told the Signal.
“Not One Penny is a fake grassroots campaign created to help the government keep more of your money by making you feel guilty about your own personal financial success. You’re greedy and selfish and you don’t deserve to enjoy the fruits of your labor, according to the group,” Vadum told The Daily Signal.
Since the tax cuts went into effect, the U.S. economy has grown at a steady clip and unemployment has fallen, the Signal report said.