The Village Voice: Runnin' Scared

Protesters Demand Tax Relief for Billionaires

posted: 10:11 AM, August 30, 2007 by Michael Clancy

Members of the Southampton Alliance for Monied Estates (SHAME) and Billionaires for Bush protest in front of the house of buyout king Henry Kravis on Wednesday. The canvassers demanded that billionaires like Kravis get even more tax breaks.

An interesting piece of street theater came to the East End on Wednesday as members of the Southampton Alliance for Monied Estates (SHAME) and Billionaires for Bush took to the streets to demand more tax breaks for the likes of Henry R. Kravis, who founded Kohlberg Kravis Roberts & Co, a firm that practically invented the leveraged buyout.

“Hardworking buyout billionaires like Henry Kravis need our continued help to expand their fortunes and buy bigger and better mansions,” said Southampton activist Rob N. Steel in a press release. “The market is slumping, and we have to act now if we are going to protect those like Kravis who pioneered the revolutionary concept of buying companies, and making billions by laying off workers and cutting pension and health benefits. Even the magnificent, giant tax loopholes that buyout firms have been enjoying could be at risk! We have to save the billionaires from paying as much tax as everybody else!”

The Southhampton protest was part of larger campaign by the Service Employees International Union to draw more attention to the shadowy world of leveraged buyouts.

According to the SEIU press release:

Kohlberg Kravis Roberts & Co. (KKR) along with other leveraged buyout giants such as the Carlyle Group, have made billions of dollars by buying big companies, squeezing out profits (often accomplished with layoffs and cuts in pension and health benefits), and by taking advantage of tax loopholes that allowed them to pay less than half the tax rate of their chauffeurs.

categories: The Money Trail

Comments

Today I'm a nobody. Tomorrow the world will know me because i'll be standing at Times Square wearing nothing more than a sandwich board that will read, "Henry Kravis wants YOU...to pay his taxes" (if anyone inquires I can hand them copies of this article)

Posted by: agnes at August 30, 2007 2:48 PM

you know what they say about the rich...

Posted by: frank at August 30, 2007 2:58 PM

Not a clue, Frank, do tell! I'm a priveleged woman with some wealth. No matter what your financial status, taxes are for chumps. WE've ALL got to start making a big to-do with our politicians to re-evaluate taxes and how they are used! After all, it is OUR money our darling politicians are so comfortably using to further their own causes.

Posted by: muffy at August 30, 2007 6:20 PM

Muffy, I'm with you. Priviledged or not, most of us are being taxed up the wazoo and get nuthin for it. But what can we do?

Posted by: Lenny at August 30, 2007 6:55 PM

For starters, Lenny, we can all meet Agnes at 42nd Street to support her protest. If it's a bust it would hurt to see her sportin' nothing but a sandwich board.

Posted by: Humvee at August 30, 2007 7:40 PM

Yo Lenny, we can do plenny. Like Muffalo above says taxes are for chumps. I bust my hump 10 nights a week to keep a roof over my kids heads. I ain't proud I'll do anything to keep 'em warm and fed but it kills me that more than half my check is lining the wrong pockets.

Posted by: jimmythegeek at August 30, 2007 7:45 PM

How about some tax breaks for little millionaires. You should write about how difficult it is to be a poor millionaire. Thanks.

Posted by: John Leyden at September 1, 2007 12:03 PM

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