Henry Kravis: Who Is He?

[Indigo Blue]

Buyout firms such as Kohlberg, Kravis and Roberts have made billions of dollars using special tax breaks that reward them for buying and selling companies; and they’ve slashed wages and destroyed jobs all while using tax loopholes to pay an even lower tax rate than everyday Americans on their billion-dollar profits.

On July 17, in cities from New York to Bangalore to Paris, SEIU members will be joined by activists from 25 countries to take aim at the special perks and tax loopholes that buyout firms depend on to get rich.

There is legislation in the U.S. Senate to close the loopholes that would provide money for tax relief for middle income taxpayers and fund healthcare. The buyout industry has spent millions to defeat this legislation.

And now they’re working with powerful friends in Washington such as John McCain, who have vowed to keep their special tax loopholes. John McCain even has powerful buyout lobbyists as advisers, and the granddaddy of the buyout industry, Henry Kravis, is helping him raise money.

http://www.july17action.org/godzilla/


Henry Kravis: Who Is He?

Who is Henry Kravis and why should anyone care how many houses he owns? Consider this. Henry Kravis, the 57th richest person in America and founder of the private equity firm Kohlberg, Kravis Roberts (KKR), made $450 million in 2006.

That’s $1.2 million a day at $51,000 an hour. Despite his exorbitant income, Kravis can pay a lower tax rate than many teachers, firemen, and nurses.

This buyout billionaire doubled his wealth from $2.6 billion to $5.5 billion in just one year. Meanwhile, thousands of workers at his portfolio companies have seen their wages fall and many have lost their jobs.

Henry Kravis and other buyout barons figured out how to buy up public companies like Toys “R” Us with borrowed money and then charge millions and millions of dollars in fees-for years. Even better, they sometimes borrow even more money against the assets of the company to pay themselves and their cronies more money. They get rich while the companies they buy have to pay off the debt any way they can.

Please support the fight to take back the economy and pledge to close tax loopholes that feed the greed of the buyout industry. Buyout Barons like Henry Kravis should not be allowed to pay a lower tax rate on their vast investment income than teachers, nurses and other working people.

http://www.july17action.org/henry-kravis/


Take Action

Petition: Take Action on Tax Loopholes: http://seiuaction.org/campaign/july17mccain

Toolkit: Printable Flyers: http://www.july17action.org/toolkit/

Write a Letter to the Editor: http://seiuaction.org/campaign/loopholes