Press Releases

Billionaires Fund Dark Money Group to Protect Their Tax Loopholes

Sep 22, 2021

A dark money group is spreading lies to protect tax breaks for their wealthy donors. The Common Sense Leadership Fund, a dark money group primarily funded by one anonymous donor, is spending up to $10 million dollars in dark money ads against 14 House Democrats to lie to voters in an effort to protect tax loopholes for billionaires and corporations.

Currently, billionaires are able to avoid paying millions of dollars in taxes by sheltering their money in Roth IRA retirement accounts, which are intended to help the middle class save for retirement, not the ultra-wealthy. The Democrats’ Build Back Better Plan would close these tax loopholes by prohibiting the ultra-wealthy from using retirement accounts to avoid paying taxes, a cynical tactic used by billionaires like Peter Thiel, who used this loophole to avoid paying taxes on $5 billion dollars.

“Democrats are admirably leading the charge to close tax loopholes that billionaires have exploited for years. These billionaires and corporations are worried that they will soon have to start paying their fair share in taxes. They care so much about protecting their tax breaks that one wealthy donor is funding an entire dark money group to lie about the Democrats’ fair tax plan,” said End Citizens United // Let America Vote President Tiffany Muller. “If one billionaire donor is willing to use a dark money group to spend millions to lie about closing a tax loophole, it begs the question who this donor is and how much do they stand to gain from not paying taxes? Voters deserve to know who is lying and working to protect billionaires and big donors from paying taxes at the expense of middle class families.”

Click here to read a fact check calling out the lies in the dark money ad.