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After Spending $20 Million to Pass #GOPTaxScam, Koch Bros to Save More Than $1 Billion This Year


#1

After Spending $20 Million to Pass #GOPTaxScam, Koch Bros to Save More Than $1 Billion This Year

Published on
Wednesday, January 24, 2018
by

"That's not a bad return on investment: what’s $20 million when you're looking at a billion or more in tax breaks?"

A new analysis by Americans for Tax Fairness estimates that Charles Koch and David Koch and/or Koch Industries could save between $1 billion and $1.4 billion combined in income taxes each year from the Trump tax law―and that doesn’t even count how much the brothers might save in taxes on offshore profits or how much their heirs will benefit from weakening the estate tax. (Image: DonkeyHotey/cc/flickr)

Charles Koch and David Koch, the billionaire industrialists and right-wing mega-donors, stand to save between $1 billion and $1.4 billion in income taxes each year from the tax law passed last month by Republican lawmakers and signed by President Donald Trump, according to a new analysis out Wednesday.

The new report by the Americans for Tax Fairness details how those estimated tax savings would come from a combinations of the Koch's personal liabilities and that of the business empire, Koch Industries. And while based on available financial data, the analysis, the group explained, "does not count how much the brothers might save in taxes on offshore profits or how much their heirs will benefit from weakening the estate tax."

What they do save in annual taxes, ATF argues, should be recognized for what it is: a return on investments made by funneling huge amounts of money to Republican lawmakers voted in favor of the law and outside political groups who lobbied on its behalf. As the group stated:

The Koch groups spent over $20 million promoting the tax bill that ultimately became law, according to a fact sheet they provided to the Wall Street Journal. Their efforts included town halls, door-to-door canvassing, and television ads—not to mention direct lobbying—in favor of the tax cuts. Now that the bill is law, they’ve pledged to spend millions more promoting it to the public in an effort to protect the members of Congress who voted for it.

"That's not a bad return on investment," the group said in a statement. "What's $20 million when you're looking at a billion or more in tax breaks?"

As reporting last week exposed, and ATF also noted, FEC filings show that the Koch Brother's network made a $500,000 contribution to Speaker of the House Paul Ryan (R-Wis.) the day after the Republican's won final passage of the tax bill in December. Given to "Team Ryan"―a joint fundraising committee which benefits Ryan, the National Republican Congressional Committee (NRCC), and a pro-Paul Ryan political action committee―the donation appeared to many as a return on investment.

The Koch brothers pushed hard for tax cuts that will enrich them. They got what they wanted — and then showered Paul Ryan with hundreds of thousands of dollars, per new campaign finance report. https://t.co/cvawAvgWKF

— Alex Kotch (@alexkotch) January 20, 2018

On top of the gift to Team Ryan, the Koch's also gave an additional $250,000 directly to the NRCC.

Talking with the International Business Times, Adam Smith, communications director with Every Voice, which advocates for campaign finance reform, said the timing of the large donations certainly made it look like Ryan was being rewarding for "passing this legislation that overwhelmingly benefits the Kochs and billionaires like them."

Read the ATF's full analysis here.

This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License

#2

Oh, stop with the whining already, you losers! Go out there and inherit your own money!
(end sarcasm)

Repeat after me:

Corporations are not people.
Money is not speech.
Capitalism is not democracy.


#3

When I look into these vacuous brothers–pretty old in years but not in much else apparently–I can’t help wonder if they have even for a nano second contemplated their death. What meaning can such meanness of spirit hold?


#4

Recall Koch Bros. are also the Koch Family/John Birch Society which has spent a 100+
years trying to overturn democracy in the US. I’d say they’re pretty much there.


#5

When are these 2 Koch suckers going to prison for BRIBING our congress.

Anyone know what happened to spell check?


#6

Your best investment? Buying politicians.

The Koch bros just got that gigantic ROI.


#7

Leeches.


#8

Ah, the Koch brothers. The backroom fascists…


#9

Man, do I agree! That’s right we are all gonna die- maybe they want to be buried with their riches like King Tut!


#10

And at least one of them has had cancer you think???


#11

The Kochs own paper producing industry with one of the products being toilet paper brand names. I boycott theirs cuz I’m afraid to catch fascist cooties…:wink:


#12

Just a reminder while we are beating up on the Koch brothers…

Trump Could Save More Than $1 Billion Under His New Tax Benefits
https://www.nytimes.com/.../09/28/us/politics/trump-tax-benefit.html
Sep 28, 2017 · President Trump could cut his tax bills by more than $1.1 billion, including saving tens of millions of dollars in a single year, under his proposed tax …

Both news stories are absolutely nauseating.


#13

“Our form of Democracy is bribery, on the highest scale.” ~Gore Vidal~

Voting for either party of the Duopoly is supporting this corruption.

Please change the way you think if you disagree.


#14

Pretty good ROI if you ask me. BUSTARDS!


#15

Stunning to think that this ‘model’ of life, which requires that absolutely everything that does not benefit your interests is to be excluded and that it asserts and extracts from life on the basis of an economic construct being claimed - despite all evidence to the contrary, a human being, is actually heralded as such amazing advancement.

To me, this is the definition of deadly knuckle dragging regression wrapped up under a slick blood drenched bow. the original two koch suckers. funny though I would bet my life that they will never, ever, allow themselves and their ilk to capture even the faintest glimmer of the evidence that it is demonic.


#16

The Koch Demons are afflicted by the dual disease of hyper-greed and the complete lack of a conscience. They will NEVER have enough money and they really don’t care how they acquire it. They are true sociopaths. BTW, their father was a co-founder of the infamous John Birch Society.


#17

Very good point! But maybe we should feel sorry for the Koch Roach brothers because they seem to think they can take their wealth with them. And can you imagine how painful someone so greedy and attached to their wealth will feel when they realize they have to leave it all!


#18

Dump needs to be impeached for violating the emoluments clause and so much more!


#19

They plan on passing it on to their pieces of s heirs.


#20

Yes, and they not only want their share they want ours as well. They are also chemical engineers. Shows you that “smarts” is not everything.