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Leos fortune act 33/25/2023 The arrangement likely saved Seid a large amount of money in taxes, according to Marcus Owens, an attorney and former director of the IRS division on tax-exempt organizations, who reviewed the form for CNN. The gift of just over $1.6 billion came in the form of 100% of the stock of a privately held company, which Marble Freedom then sold to another company, according to the tax form. Marble Freedom’s tax return covers its initial year of existence between May 2020 and April 2021. Groups on both sides of the political spectrum have increasingly turned to dark money in recent years to sway voters or push agendas without revealing their ultra-wealthy benefactors – but the Marble Freedom donation dramatically eclipses even the largest of the previously known groups. Many dark money groups, like Marble Freedom, are 501(c)4 organizations – nonprofits that are allowed to participate in politics as long as it is not their primary activity. “Dark money” generally refers to nonprofits that get involved in politics but do not disclose their donors, a practice that significantly ramped up after the Supreme Court’s Citizens United decision in 2010. Huge anonymous donation has ties to Chicago executive Seid did not respond to requests for comment left on phone numbers listed for him and his longtime assistant. Leo said in a statement that “it’s high time for the conservative movement to be among the ranks of George Soros, Hansjörg Wyss, Arabella Advisors and other left-wing philanthropists, going toe-to-toe in the fight to defend our Constitution and its ideals” – referring to two liberal-leaning billionaires and a consulting firm that manages several smaller dark money groups on the left. “This is the kind of money that can help these political operatives and their allies start to move the needle on issues like reshaping the federal judiciary, making it more difficult to vote, a state-by-state campaign to remake election laws and lay the groundwork for undermining future elections.” “I’ve never seen a group of this magnitude before,” Maguire said. Robert Maguire, the research director of Citizens for Responsibility and Ethics in Washington, called the donation “stupefying,” and “by far” the largest known contribution to a dark money political group. In comparison, the single contribution is more than double the total amount raised by Trump’s presidential campaign committee during the entire 2020 election cycle. The massive donation instantly makes the Utah-based group one of the most well-funded organizations bankrolling conservative causes in the US – a staggering distinction for a group with zero public profile or even a website. The New York Times, which first reported the contribution on Monday, also identified Seid as the donor. Marble Freedom is led by Leonard Leo, the co-chairman of the conservative Federalist Society, who advised former President Donald Trump on his Supreme Court picks and runs a sprawling network of other right-wing nonprofits that don’t disclose their donors, which are often referred to as dark money groups.Ī CNN review of financial documents connected the donation to Barre Seid, a low-profile, 90-year-old Chicago electronics company executive and philanthropist who has previously been tied to smaller anonymous contributions to other right-wing groups. The nonprofit, Marble Freedom Trust, received the contribution in the form of stock and then funneled more than $200 million to other conservative organizations last year, a tax form CNN obtained from the IRS shows. A new group led by a prominent conservative lawyer has received $1.6 billion from one donor – the largest single contribution to a politically focused nonprofit that’s ever been made public, and a fortune that could be used to fuel right-wing interests.
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