Advocates for a fairer, better economy, workers, and political improv troupe “Billionaires for Bush” will gather in front of the posh 21 Club in Manhattan on Tuesday to protest John McCain’s support for tax loopholes for some of the wealthiest buyout executives in the country.
The $28,500 a ticket luncheon is being organized by some of the most controversial names in business, including buyout baron Henry Kravis.
John McCain has said he does not support closing tax loopholes for hedge fund managers and buyout industry executives such as Kravis, who have pocketed billions of dollars by paying a lesser percentage of their income to taxes than many regular working Americans.
Besides helping to organize Tuesday’s event, Kravis has been a major fund-raiser for John McCain throughout his campaign for president. This is the same Kravis who donated $28,500 to the National Republican Senatorial Committee last October to help with the primaries.
McCain’s tax plan also includes two huge tax cut giveaways for American corporations–lowering rates from 35% to 25% and adding other new deductions.
You can’t really blame Kravis for supporting McCain in hopes of winning those two economic boons. His company, Kohlberg Kravis Roberts & Co. and their holdings stand to make millions of dollars off the new cuts. According to the Center for American Progress, “The centerpiece of Sen. John McCain’s tax plan is two huge tax cuts for American corporations, including utility and energy companies.”
A CAP analysis finds that McCain’s tax policy–which lowers corporate tax rates from 35 to 25 % and makes equipment and technology investments immediately deductible–would give a single KKR portfolio company, Energy Future Holdings (formerly TXU), a $49 million tax cut.
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