EXCLUSIVE: How Koch brother Bill Koch earned millions of tax-free dollars while showing no profits

[TheBlackAdder]

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Two years after a whistleblower first alerted the IRS to William Ingraham Koch’s shifting overseas profits from the company he controls, the same insider told the IRS about even more efforts by the billionaire to avoid America’s tax laws.

In Part 3, we’ll look at how Bill Koch used what his former top tax executive Charles Middleton says were “fake loans” to collect some of the almost $1 billion of income he enjoyed over nine years without owing income taxes.

Bill Koch is the Palm Beach, Fla., neighbor and supporter of President Donald Trump. Koch was under carbon companies until five months after Trump took office. At that point, the IRS stopped communicating with Middleton’s lawyers about the allegations they raised.

One year later, Charles Middleton filed another whistleblower complaint about Koch and his company, Oxbow Carbon LLC, where Middleton had been the chief tax executive. For simplicity we will refer to the family of companies as Oxbow America and Oxbow Bahamas.

From 2005 through 2013, Koch withdrew an average of $106 million each year from his Oxbow companies, documents in the 2018 whistleblower complaint .


More of David Cay Johnson's article at the jump:
https://www.rawstory.com/2019/06/how-koch-brother-bill-koch-earned-millions-of-tax-free-dollars-while-showing-no-profits/

Kochs also use several tax firms to dodge US taxes and park their money in Luxembourg, paying just 0.75% tax. They do this until they can get a repatriation deal to bring their money back into the country--mostly at under 5% tax.

https://www.icij.org/investigations/luxembourg-leaks/new-leak-reveals-luxembourg-tax-deals-disney-koch-brothers-empire/

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[BSdetect]

1. Confiscate all their assets as if they were drug lords.

[Dirty Socialist]

2. I wonder:

How many other rich people do this shit???

[UTUSN]

3. K&R