The Republican tax bill has been widely praised by the nation’s biggest companies. And while major corporations and businesses stand to benefit from the new tax bill, the average American is in for a surprise. Not only are they prevented from claiming as much as they used to on their state taxes, but the consequences of this sweeping legislation will also have untold effects on average people. Some people have already benefited from the tax bill. Just days after the Republican slashed the corporate tax rate, House Speaker Paul Ryan collected about $500,000 in donations to his campaign, from billionaire Charles Koch and his wife.
Charles and his brother David Koch are well-known investors in the Republican party. These billionaires have donated untold sums of money over the last few years to manipulate politicians to push their agendas through the legal system.
Ryan’s reward came after the Koch brothers spent millions of dollars to push the tax bill through Congress. They launched a public relations campaign to boost public support of the new law, the Wall Street Journal reported.
Koch Industries is one of the nation’s largest private corporations. It operates oil refineries and also manufactures products. Because the tax law has cut the corporate tax rate from 35 percent to 21 percent, the Koch brothers are exceedingly happy. And they were eager to reward Speaker Ryan with the $500,000 donation for the job well done, for them and their wealthy billionaire friends.
The law also cut down estate taxes as well as giving oil and gas investors a particular deduction. The Koch brothers stand to save billions in taxes when it goes into full effect – at the cost of the America people.
The large donation came just 13 days after Ryan helped usher the pro-business law into effect. Charles and Elizabeth Koch donated the large sum of money to Ryan’s joint fundraising committee.
Charles Koch is not the only billionaire to give Speaker Ryan a generous donation in the fourth quarter of 2017. Jeffrey Hildebrand and William Parfet reportedly contributed $100,000 each to the politician’s personal fund.
“It looks like House Speaker Ryan is quickly being rewarded for passing this legislation that overwhelmingly benefits the Kochs and billionaires like them,” Adam Smith, spokesman for the nonprofit Every Voice, told the International Business Times.
The donations were given to Team Ryan, the fund which raises money for a PAC run by Ryan, the National Republican Congressional Committee, and for Ryan himself.
On the same day, Charles and Elizabeth Koch were feeling very generous. They gave $237,000 to the NRCC.
As a pair, the Koch brothers are worth about $100 billion. And for years, their name has become synonymous with under-the-table political donations. Their money has been accused of influencing politicians to create laws in their favor. And with Trump in the Oval Office, these backroom dealings are easier than ever for billionaires to do.
Ryan claimed that he wouldn’t run for reelection when his term ends this year. But he has not made the official announcement. If he doesn’t run, his contributions are to be redirected, reports the Huffington Post.