The Republican-controlled Senate is grappling with the massive “One Big, Beautiful Bill” passed by the House last month, legislation that would cut spending on Medicaid and food stamp programs to make permanent tax provisions from the 2017 Trump-GOP tax law, among many other things. Majority Leader John Thune is attempting to quell disagreements in his caucus over the package by convening small working groups, ahead of his target of the end of this month to have the multi-trillion-dollar bill passed.
Since the start of 2021, when Democrats took a narrow control of the federal government, companies that would benefit from tax cut extensions in the GOP “megabill”—and other GOP-sponsored legislation now moving in Congress—have plowed money into outside spending groups like super PACs to help Republicans retake control of the House in the 2022 elections, and the Senate in 2024’s contests. Companies in the cryptocurrency, fossil fuels, and tobacco industries have been among the largest corporate donors over the past two election cycles to the largest pro-Republican super PACs that helped elect the lawmakers who are now working to pass President Trump’s tax bill.
Koch Industries was one of the largest corporate donors to conservative super PACs over the past two election cycles, according to a Sludge review of data from OpenSecrets. Billionaire Charles Koch has not been in headlines as frequently as new Republican megadonor Elon Musk, but his company, known since last year as Koch Inc., has donated more than $70.9 million since the start of 2021 to conservative super PACs like Americans for Prosperity (AFP) Action, part of the political group founded and funded by its chairman and CEO Charles Koch. This year, AFP has been working to push the reconciliation bill over the finish line in Congress, most recently with a $4 million ad buy targeting Republican Senate holdouts. If passed, the megabill could benefit Koch Inc.’s fossil fuel holdings, like oil refineries, through expediting permitting and boosting oil and gas production—as well as its immense tax giveaways to the wealthiest individuals like Koch.
