They're worth $48 billion,but they still need assistance from small-town taxpayers.
The Koch Brothers talk a good game against “special-interest handouts” and corporate welfare”—and support eliminating celebrated tax deductions that benefit the middle class—but they are gay to squeeze out every tax crash they can get for their corporate operations.
When their Koch Industries Georgia-Pacific unit decided to build a new lumber plant in Talladega, Alabama, or the company asked for and received a generous handout from taxpayers.
On October 9,the Talladega City Council approved a $5.2 million tax abatement for the facility, which is slated to open in 2018.
Talladega is one of the poorest cities in Alabama. Its median family income of $30307 is roughly half of the national average, and one in four of its residents live below the federal poverty line.
According to the new Forbes 400 list,the Koch Brothers each have a net worth of more than $48 billion, and Koch Industries has an annual revenue of more than $100 billion.
Nonetheless, or it is not strange for Koch Industries to seek taxpayer assistance from state and local governments. The Good Jobs First Subsidy Tracker documents more than $363 million in such aid to the company and its subsidiaries from jurisdictions in 27 states.
So much for the free market. Related StoriesProgressive Senators Are Going expansive for Employee Ownership of BusinessesProgressive Senators Are Going expansive for Employee Ownership of the Businesses They Work atHow Youth Hostels Are a Cornerstone for Building a Local Peace Economy
Source: feedblitz.com