Viral Video of Koch Billionaire Son Shows Who Benefits From GOP Tax Scam

State of the Nation

Source:  Mint Press News

After Congressional Republicans approved a tax plan on Wednesday that gives massive tax breaks to corporations and wealthy Americans while raising taxes on working families, the son of billionaire Bill Koch, emerged as the face of those who will benefit from the scheme while it turbocharges inequality and lays the groundwork for a massive assault on the social safety net, public education, and other vital programs. Thanks to the GOP’s tax plan, which doubles the estate tax exemption “from $5.49 million per individual to about $11 million,” according to CNBC, the offspring of millionaires and billionaires—like Wyatt Ingraham Koch and the children of President Donald Trump—will pay millions less in taxes on their inheritance when their rich parents die. Wyatt’s father is worth about $1.69 billion, and Bill Koch—the brother of long-time right-wing political donors Charles and David—has spent millions on federal lobbying for gas and oil issues. RoseAnn DeMoro, executive director of National Nurses United, the nation’s largest union and professional association of nurses, tweeted a now widely-shared video featuring Wyatt Koch along with a list of some programs that will experience cuts because of the GOP tax plan.

The young Koch—who counts among his favorite things “playing tennis at Mar-a-Lago“—according to Vanity Fair, “runs an eponymous Palm Beach-based clothing brand called Wyatt Ingraham, which sells button-up shirts in patterns you may find on a Goldman Sachs middle manager at a Southampton Fourth of July party when he wants to ‘let loose.’” One such shirt is “festooned with actual money bags.” Others were quick to use Wyatt as an example of who is benefiting most from the plan:

TRUMP’S TAX PLAN Viral Video of Koch Billionaire Son Shows Who Benefits From GOP Tax Scam The young Koch—who counts among his favorite things “playing tennis at Mar-a-Lago”—according to Vanity Fair, “runs an eponymous Palm Beach-based clothing brand called Wyatt Ingraham, which sells button-up shirts in patterns you may find on a Goldman Sachs middle manager at a Southampton Fourth of July party when he wants to ‘let loose.’” One such shirt is “festooned with actual money bags.” by Jessica Corbett December 21st, 2017 By Jessica Corbett After Congressional Republicans approved a tax plan on Wednesday that gives massive tax breaks to corporations and wealthy Americans while raising taxes on working families, the son of billionaire Bill Koch, emerged as the face of those who will benefit from the scheme while it turbocharges inequality and lays the groundwork for a massive assault on the social safety net, public education, and other vital programs. Thanks to the GOP’s tax plan, which doubles the estate tax exemption “from $5.49 million per individual to about $11 million,” according to CNBC, the offspring of millionaires and billionaires—like Wyatt Ingraham Koch and the children of President Donald Trump—will pay millions less in taxes on their inheritance when their rich parents die. Wyatt’s father is worth about $1.69 billion, and Bill Koch—the brother of long-time right-wing political donors Charles and David—has spent millions on federal lobbying for gas and oil issues. RoseAnn DeMoro, executive director of National Nurses United, the nation’s largest union and professional association of nurses, tweeted a now widely-shared video featuring Wyatt Koch along with a list of some programs that will experience cuts because of the GOP tax plan.   RoseAnn DeMoro ✔ @RoseAnnDeMoro #GOPTaxScam will trigger cuts to.. Medicare Fostercare Meals on Wheels Benefits for Disabled Coal Miners Trafficking Victims Fund ..So billionaires like the Kochs will have more money to invest in Wyatt Koch: “I want my shirts to be worn in the board room, the yacht.” #ClassWar 7:59 PM – Dec 20, 2017 49 49 Replies 321 321 Retweets 356 356 likes Twitter Ads info and privacy The young Koch—who counts among his favorite things “playing tennis at Mar-a-Lago“—according to Vanity Fair, “runs an eponymous Palm Beach-based clothing brand called Wyatt Ingraham, which sells button-up shirts in patterns you may find on a Goldman Sachs middle manager at a Southampton Fourth of July party when he wants to ‘let loose.’” One such shirt is “festooned with actual money bags.” Others were quick to use Wyatt as an example of who is benefiting most from the plan:   David Roth ✔ @david_j_roth Congratulations to this Koch heir, who is going to become like $75 billion richer in the next few days. He’s going to use it to make very innovative ugly shirts. https://www.instagram.com/p/BYZH4TsloS6/?taken-by=wyatt.ingraham … 11:18 PM – Dec 19, 2017 386 386 Replies 1,454 1,454 Retweets 3,085 3,085 likes Twitter Ads info and privacy Nofearnofavors @Nofearnofavors4 Wyatt Koch, with his shirts printed w/ bags & his poorly drawn “sketches” is who just benefited from the GOP robbing our elderly, children, & the disabled. That way, he can continue to in the “Disco-tech-a” on our dime while Daddy hires designers so Wyatt can feign relevance https://twitter.com/adamjohnsonNYC/status/943368771988795392 … 10:12 AM – Dec 20, 2017 7 7 Replies 30 30 Retweets 50 50 likes Twitter Ads info and privacy Ben Wikler ✔ @benwikler Dear reader, you need to stop doing whatever you’re doing and click through and watch the video. https://twitter.com/david_j_roth/status/943349982006038530 … 10:46 AM – Dec 20, 2017 74 74 Replies 930 930 Retweets 1,147 1,147 likes Twitter Ads info and privacy Before the plan passed Congress and was sent to the president’s desk, tax experts warnedthat in addition nearly doubling the estate tax and giving more than 80 percent of tax cuts to the nation’s richest one percent, the legislation would also—among other things—raise taxes on 92 million middle-class families; increase healthcare premiums; encourage outsourcing of U.S.-based jobs; and limit deductions for state and local taxes. As Bloomberg noted Thursday, Republicans hope to “channel momentum from the GOP’s victory on taxes into a push to overhaul the nation’s welfare programs,” fulfilling House Speaker Paul Ryan’s (R-Wis.) decades-long goal of “reshaping the social safety net for the poor and disabled, as well as programs including food stamps and Medicaid.” Ryan said as much in a Fox News interview late Wednesday, following the House’s second vote to pass the GOP tax plan. “People want able bodied people who are on welfare to go to work, they want us to get people out of poverty, into the workforce,” Ryan said. “That’s good for them, that’s good for the economy, that’s good for the federal budget.” With its 2018 budget proposal, the Trump administration has already laid the groundwork for cutting safety net programs. As Bloomberg notes, the proposal features “steep reductions in food stamps, Medicaid health insurance payments, Social Security disability benefits, low-income housing assistance, and block grants that fund meals-on-wheels for the elderly.”

 

 

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