Skip to comments.Koch Industries Lawyer to White House: How Did You Get Our Tax Information?
Posted on 09/20/2010 2:12:12 PM PDT by reaganaut1
Lately, the White House and its allies have been drawing attention to the political activities of libertarian billionaires Charles and David Koch. In an August 9 speech, President Obama singled out Americans for Prosperity, a free-market political group founded by David Koch in 2004. In the wake of the Citizens United Supreme Court decision, Obama said:
"Using a great deal" of research by the left-wing Center for American Progress, the New Yorker's Jane Mayer reported in the magazine's August 30 issue that the Kochs are "waging a war against Obama." Reason's Nick Gillespie argued that Mayer's report was nothing more than "sly innuendo and revelations as lame as they are breathless," but that hasn't stopped top Democrats from blasting the Kochs for funding the Democrats' political opposition.
Democratic Congressional Campaign Committee chairman Chris Van Hollen said in a September 10 TV appearance that "Americans for Prosperity which are the Koch Industries ... did well under the Bush administration economic policies," which is why AFP is opposing the Democrats. In a September 16 speech, President Obama again singled out Americans for Prosperity. Even Jimmy Carter took a whack at the Kochs last week.
While the attention is unwanted for the Kochs, if somewhat expected, a lawyer for Koch Industries now tells THE WEEKLY STANDARD that the administration may have crossed a line by revealing tax information about Koch Industries. According to Mark Holden, senior vice president and general counsel of Koch Industries, a senior Obama administration official told reporters at an August 27 on-the-record background briefing on corporate taxes:
(Excerpt) Read more at weeklystandard.com ...
S-corps are completely legal and vilifying them is smoke and mirrors. obastard and crew are once again twisting the truth by insinuating that no taxes are paid on S-corp earnings... S-corps pay tax at the top marginal tax rate of the owners, right now, the rate is similar to corporate taxes. The difference is that the earnings are not taxed twice like they are for C-corp earnings.
If you own C-corp stock and they are paying a dividend you should question the management’s ability. A C-corp is supposed to reinvest all their earnings profitably and grow the company. If they don’t the earnings are taxed at 35% corporate tax rate and then also at the current dividend tax rate to the share holders.
“So in this country we have partnerships, we have S corps, we have LLCs, we have a series of entities that do not pay corporate income tax. Some of which are really giant firms, you know Koch Industries is a multi-billion dollar businesses. So that creates a narrower base because we’ve literally got something like 50 percent of the business income in the U.S. is going to businesses that don’t pay any corporate income tax. They point out [in the report] you could review the boundary between corporate and non-corporate taxation as a way to broaden the base.”
Impeachment may not be necessary. Obama may not be a natural born citizen ( or even a citizen of any kind!)
All that is needed is for some committee to subpoena the records related to his natural born citizenship and citizenship in general.
Nixon was an amateur crook. He got caught by professional ones.
Your tagline is incorrect. The meek do inherit the Earth.....in 4 foot by 8 foot plots.
Koch Industries....wasn’t this Anna Nicole Smith’s sugar daddy husband’s family??
And if you don’t pay out dividends, IRS audits you and you will pay a 25% tax for not paying out dividends
Sorry, it’s 39.6 Not 25.
However, a corporation may not safely accumulate (retain) its earnings indefinitely. If the accumulations are not related to the reasonable needs of the business, an accumulated earnings tax of 39.6 percent will apply in addition to the regular corporate tax. Virtually any corporation can accumulate up to $250,000 ($150,000 for service-type corporations) in retained earnings without becoming subject to this tax.
Chicago Politics at its finest.
It is my understanding that the head of the IRS, Timothy Geithner, can “back door” his way into any tax return that was filed by Turbo Tax, whether a privately held company or not. He can then just send it as an email attachment directly to the White House.
"Holden tells THE WEEKLY STANDARD that this quotation from a senior administration official "came to our attention from different avenues. We are very concerned about why this would be said about us, particularly in this setting. We are concerned where this information would have been obtained from. We also are concerned in light of recent events that we have been singled out by the government and others as a campaign against us because of our political views."
THE WEEKLY STANDARD asked White House press office officials in an email on Friday to verify the quotation's accuracy, but 72 hours later they have not replied. A White House press aide reached this morning on the phone said she would look into whether a transcript of the call exists. The aide has not yet responded.
But an independent source who participated in the briefing confirms to THE WEEKLY STANDARD that the quotation matches the source's careful notes from the briefing."
I'D LOVE TO SEE THIS PLAY OUT IN PROCESS. CAN KOCH REQUEST AN INVESTIGATION?
This is why all Americans need to come together and stop picking the pockets of the rich.
Thieves elect thieves. If we let them go after the rich, they’ll come after us next. They always have.
Obama & Co. are heirs to the greatest band of thieves the world has ever seen: The Chicago Democratic Machine.
Look up Michael McDonald - the Gambler King of Clark Street.
He founded the Chicago branch of the party. He’s a conman, pimp, murderer, thief, womanizer and cheat.
What’s changed in the Democratic part of today?
Yes, the Earth shall inherit the meek. But, my predicate is about the meek, not the Earth.
The President and his people gave it to us.
Wrong. The type of incorporation is public information.
There's a filing with the Secretary of State in the state in which they are incorporated. This is public information.
One more fascist marker among dozens.Koch Industries has the right to support whatever political party it wishes, with impunity, without executive comment.
The use of privileged, secure IRS information for political reasons can reach into the IRS data base on every individual who opposes the Obama agenda, not just Koch Industries.This is fascist thuggism.
A crime has been committed, and the FBI should be investigating it.
Good read, know what we are dealing with:
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