Billionaire brothers Charles and David Koch could see between $1 billion and $1.4 billion more in their pockets each year as a result of the recently passed Republican tax plan, according to a new analysis.
Not long after the tax bill was signed into law, Charles Koch and his wife donated a combined $500,000 to Speaker of the House Paul Ryan.
The two brothers are currently worth a combined $104.4 billion. Nonpartisan tax experts concluded that the bill, which lowers income taxes, corporate taxes and offers numerous special-interest tax breaks, offers the majority of the gains to America’s wealthiest individuals. The top 1 percent of Americans will get 83 percent of the tax benefits in 2027.
The Americans for Tax Fairness (ATF) analysis was the first to estimate how much of a windfall the Kochs might expect beginning this year.
When asked by International Business Times why the Koch brothers would get all of Koch Industries’ pre-tax profits, an AFT spokesperson TJ Helmstetter said they don’t know how much of the profits go to Charles and David Koch, but “they do own a majority of the company so it is likely that they will get the bulk if not all of it.” Helmstetter emphasized that $10 billion in profits could be a conservative estimate, as Koch Industries may be taking in more than $100 billion in annual revenue, and the profit margin could be higher than 10 percent.
Any way you slice it, the Kochs are in better shape now than they were before the tax bill was passed.
The conservative Koch political network, which rivals either of the two major political parties in size and funding, spent tens of millions of dollars pressuring lawmakers to pass the tax cuts in 2017. “That’s not a bad return on investment: what’s $20 million when you’re looking at a billion or more in tax breaks?” the ATF report asks.