The Koch family - owners of the private multi-billion dollar diversified energy company Koch Industries - are the money behind much of the right-wing movement, such as libertarians and tea parties. And, they might not have paid any corporate income tax. Bear in mind however: that claim is unverified and second-hand; it might not be true.
Per this, Koch Industries' general counsel Mark Holden heard that an August 27 meeting between "a senior Obama administration official" and reporters had the official saying this:
So in this country we have partnerships, we have S corps, we have LLCs, we have a series of entities that do not pay corporate income tax. Some of which are really giant firms, you know Koch Industries is a multibillion dollar businesses. So that creates a narrower base because we've literally got something like 50 percent of the business income in the U.S. is going to businesses that don't pay any corporate income tax. They point out [in the report] you could review the boundary between corporate and non-corporate taxation as a way to broaden the base.
The linked article concentrates on valid concerns about how that official found out that information; per Holden it might be "unlawful" depending on how the information was obtained.
However, what the article doesn't at all concentrate on is the possibility that Koch Industries has been remarkably successful at "privatizing the profits and socializing the costs." According to their own fringe libertarian ideology, they might be "moochers."
Mon, 09/20/2010 - 13:35 · Importance: 4