Jane Mayer of The New Yorker fills in the details on the latest from David Koch, revealing that he and his allies plan to spend $400 million on this year's elections...mostly to preserve the Bush-era tax break on dividends.
Toles visualizes the scene:
Scary thing is, Koch may be making a rational decision in terms of dollars. Currently he pays 15% on dividend income. If Bush era tax cuts are repealed, as the administration proposes, and dividends are once again taxed at a rate of 39.6%, could that cost him tens or hundreds of millions?
Given that Koch is worth $25 billion, according to Forbes, and gets most of his income from dividends, it's possible. Which is utterly horrifying, if you believe our tax code and political/financial system should not contribute to the destruction of our nation.
