Billionaire #Charles #Koch, who turned 88 on November 1, is funneling his wealth into two #secretive #organizations that can continue his right-wing political advocacy for years.
Koch structured more than $5 billion in donations to exploit a loophole to allow him to avoid paying capital gains or gift taxes.
It's not surprising that Koch is familiar with the loophole — he spent hundreds of thousands of dollars lobbying to create it.
According to a profile published in Forbes, in 2022, Koch donated $4.3 billion in Koch Industries stock to 🔸Believe in People🔸, a newly formed 501(c)4 nonprofit organization.
The organization is run by Koch's inner circle, including #Chase #Koch, his son, #Dave #Robertson, co-CEO of Koch Industries, and #Brian #Hooks, the co-author of Charles Koch's last book.
The organization is so new, it has no publicly available filings.
In 2020, Koch also donated $975 million in Koch Industries stock to #CCKc4, another 501(c)4 organization controlled exclusively by Chase Koch. (The organization's name is his initials.)
In its 2020 IRS filing, CCKc4 listed its mission as "N/A."
But while little is known about the current activities of Believe in People or CCKc4, as 501(c)4 organizations, a large percentage of their assets
— in this case, billions of dollars
— can be spent directly on political campaigns.
Koch was able to make this money available for political spending without paying a dime in taxes
Koch's main political spending vehicle, 🔸Americans for Prosperity Action 🔸(AFP Action), spent $63,401,608 supporting Republican candidates for federal office, $5,576,858 opposing Democratic candidates, and zero dollars supporting Democratic candidates.
86.7% of AFP Action's spending bolstered candidates who were endorsed by Trump, according to a review of campaign finance data by Popular Information.
#darkmoney #rightwing #BelieveInPeople
#afpaction
https://popular.info/p/charles-kochs-5-billion-tax-loophole
🆘Bill Cole 🇺🇦
Democracy Matters 
Chuck Darwin
Ramesh #NotGoingBack
