For Immediate Release
Koch Brothers Could Save Up To $1 Billion to $1.4 Billion Each Year From the Trump Tax Law
WASHINGTON - 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.
Last week’s FEC filings show that the Kochs made a $500,000 contribution to “Team Ryan”―a joint fundraising committee benefiting Ryan, the National Republican Congressional Committee (NRCC) and a pro-Paul Ryan PAC. On top of that, the Kochs gave an additional quarter million to the NRCC.
The Kochs made securing big tax cuts for themselves and their corporation a key goal for their political network in 2017. 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: what’s $20 million when you’re looking at a billion or more in tax breaks?
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Americans for Tax Fairness (ATF) is a diverse campaign of more than 425 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.