John,

David Koch’s profound impact on the U.S. political and economic system will be among his greatest legacies. It’s up to us to make sure that it’s not a lasting legacy.

As he and his older brother Charles grew their father’s privately-owned conglomerate into one of the most lucrative in U.S. history, they plowed billions of dollars into building a massive right-wing network of think tanks, dark money groups and political infrastructure in key states across the country that brought us the Tea Party in 2010 and Donald Trump as president in 2016.[1]

This, in turn, is what delivered the Trump-GOP tax scam in 2017, which further rigged the tax code in their own favor ― and that of scores of their billionaire friends who fuel the right-wing political movement.

The pay-off from the tax scam is huge for David Koch’s heirs. At the time of his death last week, Koch was worth an estimated $50 billion ― making him the 11th richest person in the world.[2] And now, his heirs will likely receive much of that fortune completely tax free.

You see, the Kochs (and many other wealthy families) don’t keep their fortunes in cash. They keep them as shares of businesses they own. And as those assets rise in value their owners avoid paying any federal income tax until they are sold, which may be never.  

Think about this for a moment. In 1982, David Koch was worth just $266 MILLION.[3] His estate is now worth $50 BILLION-plus. While Koch Industries has made huge profits over the years and David Koch became fabulously wealthy, he has likely never paid federal taxes on this MASSIVE INCREASE in wealth. And now, upon his death, neither will his children. (They may pay some estate tax but it will not apply to the increased value of his untaxed stock and other investments.)

The American people are fed up with a tax system and an economy that favors the rich and powerful. Sign the petition demanding that Congress close tax loopholes that grow dynastic wealth and let massive fortunes for the few accumulate at the expense of the rest of us.

This is how dynasties are born and maintained. And it’s one of the reasons our schools are underfunded, our roads and bridges are crumbling, and the cost of healthcare continues to skyrocket.

This Mt. Everest-sized loophole is one Americans for Tax Fairness Action Fund is leading the effort to close. It’s our top priority. We are working with our allies in Congress right now to draft legislation that will soon be introduced to make the wealthy “pay as they profit,” so they can no longer defer or avoid altogether the taxes that should be paid on this massive wealth accumulation.

Thanks to your hard work, candidates and elected officials are responding to calls for a fairer tax system that will create an economy that works for all of us.

SIGN NOW: Tell Congress that it’s time to close tax loopholes and finally tax wealth just like we tax work.

Together, it’s up to us to fight back against the devastating policies of the Koch brothers that have grown their fortunes at the expense of everyday people.

Thank you,

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “David Koch’s Most Significant Legacy is the Election of Donald Trump,” The Intercept, 8/26/2019

[2] “The World’s Billionaires,” Forbes, 8/28/2019

[3] “The Forbes 400 Hall of Fame: 36 Members of Our Debut Issue Still in Ranks,” Forbes, 8/28/2019