Billionaire GOP Donor: I’m Using My Tax-Cut Money To Help Elect Democrats

Ed Mazza

A major GOP donor is jumping ship and now he’s contributing to Democratic candidates in hopes of flipping the House of Representatives and/or the Senate in this year’s midterm elections.

Seth Klarman, the billionaire CEO of the Baupost Group who the Economist once dubbed “The Oracle of Boston,” called out Republicans for failing to keep President Donald Trump in check.

“The Republicans in Congress have failed to hold the president accountable and have abandoned their historic beliefs and values,” Klarman told the Boston Globe. “For the good of the country, the Democrats must take back one or both houses of Congress.”

Klarman, an independent who donated more than $7 million to GOP candidates during the presidency of Barack Obama, has now cut checks to Democrats in 56 House races and 22 Senate elections, the newspaper reported.

“I received a tax cut I neither need nor want. I’m choosing to invest it to fight the administration’s flawed policies and to elect Democrats to the Senate and House of Representatives,” Klarman said.

Klarman also donated $2 million to nonprofits backing core Democratic issues, including gun control and the environment, the Globe reported.

While Klarman contributed far more to Republicans in 2016, he actually backed Hillary Clinton in the presidential race, calling Trump “completely unqualified for the highest office in the land,” according to Reuters.

His views have not changed since the election.

Last year, Klarman described Trump as a “threat to democracy,” per audio obtained by New York magazine. He also warned against Trump’s protectionist agenda in a letter to his investors, saying such policies “not only don’t work, they actually leave society worse off,” The New York Times reported.

In the same letter, he sounded the alarm about the Trump-backed tax cuts that were ultimately enacted by the Republican-led Congress.

“The Trump tax cuts could drive government deficits considerably higher,” Klarman wrote, noting that cuts in 2001 under President George W. Bush “fueled income inequality while triggering huge federal budget deficits.”

Now, he’s putting his money where his mouth is, donating his own proceeds from those cuts to work against the Republicans who enacted them.

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Sen. John McCain (Ariz.)

"Donald Trump’s behavior this week, concluding with the disclosure of his demeaning comments about women and his boasts about sexual assaults, make it impossible to continue to offer even conditional support for his candidacy," McCain said in a statement.
"Donald Trump’s behavior this week, concluding with the disclosure of his demeaning comments about women and his boasts about sexual assaults, make it impossible to continue to offer even conditional support for his candidacy," McCain said in a statement.

Sen. Kelly Ayotte (N.H.)

Ayotte never formally endorsed Trump, but said she was withdrawing her support.<br /><br />"I wanted to be able to support my party's nominee, chosen by the people, because I feel strongly we need a change in direction in our country. However, I'm a mom and an American first, and I cannot and will not support a candidate who brags about degrading and assaulting women. I will not be voting for Donald Trump or Hillary Clinton and instead will be writing in Governor Pence on election day."

Rep. Cresent Hardy (Nev.)

"I will no longer support the guy at the top of the ticket," Hardy <a href="https://twitter.com/ec_schneider/status/784793081807773696" target="_blank">said on Saturday</a>.
"I will no longer support the guy at the top of the ticket," Hardy said on Saturday.

Sen. Dan Sullivan (Alaska)

"We need national leaders who can lead by example on [sexual assault and domestic violence]. The reprehensible revelations about Donald Trump have shown me that he can't. Therefore I am withdrawing my support for his candidacy," <a href="https://twitter.com/Nat_Herz/status/784818737689997312" target="_blank">Sullivan said in a statement</a>.&nbsp;

Rep. Ann Wagner (Mo.)

"I have committed my short time in Congress to fighting for the most vulnerable in our society. As a strong and vocal advocate for victims of sex trafficking and assault, I must be true to those survivors and myself and condemn the predatory and reprehensible comments of Donald Trump," Wagner <a href="http://www.stltoday.com/news/local/govt-and-politics/reps-ann-wagner-rodney-davis-withdraw-support-urge-trump-to/article_7c4ae0cb-2278-5751-a960-bc9805acf3e0.html" target="_blank">said in a statement to the St. Louis Post-Dispatch</a>. ""I withdraw my endorsement and call for Governor Pence to take the lead so we can defeat Hillary Clinton."

Rep. Rodney Davis (R-Ill.)

"The abhorrent comments made by Donald Trump are inexcusable and go directly against what I've been doing in Washington to combat assaults on college campuses. Because of this, I am rescinding my support for Donald Trump and asking to have my name removed from his agriculture advisory committee. With the terrible options America has right now, I cannot cast my vote for any of the candidates, so I hope Donald Trump withdraws from the race so the American people can elect Mike Pence as our next president," Davis said in a statement to the <a href="http://www.stltoday.com/news/local/govt-and-politics/reps-ann-wagner-rodney-davis-withdraw-support-urge-trump-to/article_7c4ae0cb-2278-5751-a960-bc9805acf3e0.html?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=user-share" target="_blank">St. Louis Post-Dispatch</a>.

Sen. Shelley Moore Capitol (W. Va.)

"As a woman, a mother, and a grandmother to three young girls, I am deeply offended by Trump's remarks, and there is no excuse for the disgusting and demeaning language. Women have worked hard to gain&nbsp;the dignity and respect we deserve. The appropriate next step may be for him to reexamine his candidacy.&nbsp;
"As a woman, a mother, and a grandmother to three young girls, I am deeply offended by Trump's remarks, and there is no excuse for the disgusting and demeaning language. Women have worked hard to gain the dignity and respect we deserve. The appropriate next step may be for him to reexamine his candidacy. 

Sen. Cory Gardner (Colo.)

"I will not vote for Donald Trump,&rdquo; he said in a statement.&nbsp;&ldquo;If Donald Trump wishes to defeat Hillary Clinton, he should do the only thing that will allow us to do so &mdash; step aside, and allow Mike Pence to be the Republican party&rsquo;s nominee. If he fails to do so, I will not vote for Hillary Clinton but will instead write-in my vote for Mike Pence.&rdquo;

Alabama Gov. Robert Bentley

"I endorsed Governor John Kasich for President, because I felt like he was the most qualified and the best person to lead our nation. I certainly won't vote for Hillary Clinton, but I cannot and will not vote for Donald Trump," Bentley said in&nbsp;a statement.
"I endorsed Governor John Kasich for President, because I felt like he was the most qualified and the best person to lead our nation. I certainly won't vote for Hillary Clinton, but I cannot and will not vote for Donald Trump," Bentley said in a statement.

Rep. Tom Rooney (Fla.)

&ldquo;As the father of three young sons, I don&rsquo;t want my boys growing up in a world where the President of the United States is allowed to speak or treat women the way Donald Trump has,&rdquo; Rooney said in a statement. "&ldquo;My greatest responsibility in life is to try and be a good husband and father. If I support Donald Trump, I will be telling my boys that I think it is okay to treat women like objects &ndash; and I&rsquo;ll have failed as a dad.&rdquo;

Rep. Erik Paulsen (Minn.)

"I will not be voting for him,&rdquo; Paulsen said in a statement.
"I will not be voting for him,” Paulsen said in a statement.

Rep Joe Heck (Nev.)

&ldquo;I can no longer look past the pattern of behavior and comments that have been made by Donald Trump,&rdquo; Heck <a href="http://www.rollcall.com/news/nevada-joe-heck-wont-support-donald-trump-president-senate?utm_source=twitterfeed&amp;utm_medium=twitter" target="_blank">said on Saturday</a>.&nbsp;&ldquo;Therefore, I cannot in good conscience continue to support Donald Trump.&rdquo;<br />

Rep. Frank LoBiondo (N.J.)

&ldquo;Saying this election has been incredibly disappointing is an understatement. It never had to be this way. We should be debating the issues that affect our nation&rsquo;s future. Instead we have two horribly flawed choices. It is clear that neither Donald Trump nor Hillary Clinton can unify a deeply divided country.&ldquo;I have repeatedly and strongly spoken out against Mr. Trump when he degrades and insults women, minority groups and Gold Star military families. I will not vote for a candidate who boasts of sexual assault. It is my conclusion that Mr. Trump is unfit to be President.&ldquo;Similarly Secretary Clinton&rsquo;s dishonorable actions &ndash; flagrantly ignoring federal laws, repeated failures in judgment on critical foreign policy and national security decisions, and intentionally lying to Congress and the American people &ndash; have disqualified her.&ldquo;I cannot support and will not vote for Donald Trump or Hillary Clinton to be President of the United States. I will write in Governor Mike Pence for President,&rdquo; <a href="http://observer.com/2016/10/in-cd2-lobo-dumps-trump-after-lewd-tape-surfaces/" target="_blank">LoBiondo said in a statement</a>.

Sen. Deb Fischer (Neb.)

"The comments made by Mr. Trump were disgusting and totally unacceptable under any circumstance. It would be wise for him to step aside and allow Mike Pence to serve as our party's nominee," Fischer said in a statement.<br /><br />But she later said <a href="&ldquo;I support the Republican ticket and I plan to vote for Mr. Trump and Mr. Pence on Nov. 8.&rdquo;" target="_blank">she planned </a>to vote for Trump anyway.
"The comments made by Mr. Trump were disgusting and totally unacceptable under any circumstance. It would be wise for him to step aside and allow Mike Pence to serve as our party's nominee," Fischer said in a statement.

But she later said she planned to vote for Trump anyway.

Rep. Bradley Byrne (Ala.)

"Donald Trump's comments regarding women were disgraceful and appalling," <a href="https://twitter.com/@lyman_brian" target="_blank">Byrne said in a statement</a>. "There are absolutely no circumstances when it would ever be appropriate to speak of women in such a way."<br /><br />"It is now clear Donald Trump is not fit to be President of the United States and cannot defeat Hillary Clinton. I believe he should step aside and allow Governor Pence to lead the Republican ticket."<br /><br />Byrne later said that he would, after all, <a href="http://www.huffingtonpost.com/entry/deb-fischer-donald-trump_us_57fe4819e4b0d505a46b3c76?tlvdvk8f1g5unb3xr">support the Republican ticket</a>.&nbsp;

Rep. Scott Garrett (N.J.)

Garrett said that Trump's running mate, Indiana Gov. Mike Pence, would be&nbsp;"the best nominee for the Republican Party to defeat Hillary Clinton," <a href="http://www.usnews.com/news/politics/articles/2016-10-08/the-latest-advocacy-groups-equate-trump-words-with-assault" target="_blank">according to the AP</a>.<br /><br />Garrett later said he still intended to vote for the GOP nominee.<br /><br />"Donald Trump remains the nominee of the Republican Party, and Rep. Garrett has always said he will vote for the Republican Party nominee,&rdquo; <a href="http://www.huffingtonpost.com/entry/deb-fischer-donald-trump_us_57fe4819e4b0d505a46b3c76?tlvdvk8f1g5unb3xr">his campaign manager said</a>.

Rep. Jason Chaffetz (R-Utah)

"I'm out. I'm pulling my endorsement," Chaffetz <a href="http://www.sltrib.com/news/4444721-155/after-video-huntsman-says-it-is" target="_blank">said in an interview</a>&nbsp;on Friday.<br /><br />"I can not support in any way, shape or form the comments or approach Donald Trump has taken. This is so over the top, it is not even acceptable in locker rooms. It shouldn't be acceptable anywhere. We are talking about the president of the United States. I want someone of high moral values."<br /><br />But less than a month later, Chaffetz <a href="https://twitter.com/jasoninthehouse/status/791445788656226304" target="_blank">tweeted that </a>he would vote for Trump after all.

Sen. John Thune (S.D.)

"Donald Trump should withdraw and Mike Pence should be our nominee effective immediately," <a href="https://twitter.com/SenJohnThune/status/784798261781598208" target="_blank">Thune tweeted</a>.<br /><br />But Thune <a href="http://www.huffingtonpost.com/entry/deb-fischer-donald-trump_us_57fe4819e4b0d505a46b3c76?tlvdvk8f1g5unb3xr">said</a> he still intends to vote for Trump.

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This article originally appeared on HuffPost.