Charles Koch Blasts Subsidies & Tax Credits, But His Firm Has Taken $195 Million Worth of Them
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The Koch-organized conference at a luxury resort in Southern California reportedly attracted roughly 450 conservative donors who have committed to spending nearly $900 million on the 2016 presidential election. The event also is scheduled to include Republican presidential candidates such as former Florida Gov. Jeb Bush, Texas Sen. Ted Cruz, Wisconsin Gov. Scott Walker and Florida Sen. Marco Rubio.
Where I believe we need to start in reforming welfare is eliminating welfare for the wealthy," said Koch, who along with his brother David are among the biggest financiers of conservative political causes. "This means stopping the subsidies, mandates and preferences for business that enrich the haves at the expense of the have nots."
Yet, in the last 15 years, Koch's firm Koch Industries and its subsidiaries have secured government subsidies worth more than $166 million, according to data compiled by the watchdog group Good Jobs First. The group says since 1990, Koch-owned properties have received more 191 separate subsidies worth a total of $195 million.
Koch Industries and its subsidiaries, which are a privately held, are involved in everything from oil refining to manufacturing to high finance. In 2012, Charles Koch issued a similar jeremiad against government-sponsored subsidies for corporations. In a Wall Street Journal op-ed, he said, We are on dangerous terrain when government picks winners and losers in the economy by subsidizing favored products and industries. He specifically derided tax credits -- yet even after the op-ed, Koch-owned properties accepted more than $77 million worth of such taxpayer-funded preferences from governments, according to Good Jobs First.
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