The Kochs’ tax plan gives new meaning to #treatyoself

If it’s a day that ends in ‘y,’ you can bet the Koch brothers and their political entity, Americans for Prosperity, are looking for opportunities to alter the tax code in order to further line their own pockets. Most recently, AFP and other ultra-conservative groups have been urging lawmakers to support bonus depreciation, which in addition to being a key tenet of AFP’s tax reform proposal, is what the Center on Budget and Policy Priorities deems “fiscally irresponsible” policy.

In addition to this relatively obscure provision, AFP’s tax reform manifesto includes numerous other changes that would tilt the tax code in favor of the super rich at the expense of working class Americans. According to CBPP, the plan includes a massive cut to the tax rates on corporations’ foreign profits and on the income tax paid by top earners, repeal of the estate tax and the removal of limits on individual contributions to retirement funds. CBPP boils down AFP’s 37-page tax plan to “a very large drain on federal revenues and a very large tilt toward the nation’s wealthiest individuals.” To add injury to insult, these Koch-endorsed provisions would be “injurious to working and middle-class Americans” who would likely see higher taxes and major cuts to entitlements in order to fund a tax structure so advantageous to corporations like Koch Industries and the extremely wealthy, e.g., the billionaire Koch brothers.

The Kochs and AFP continue to clamor in favor of permanent bonus depreciation — originally a temporary, recession policy — because they hope it will become a slippery slope leading to the enactment of a litany of self-serving provisions that would further skew the tax code in service of their bottom line.

Paid for by American Bridge 21st Century Foundation