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:
“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?”
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