Baldwin

A tireless leader Wisconsin can trust to fight for jobs and stand up for middle class families, workers and small business.

Tammy Baldwin Releases New TV Ad “Choice”

Highlights Baldwin’s Support for Small Business and Middle Class Tax Cuts

MILWAUKEE — Tammy Baldwin’s campaign for U.S. Senate released a new television ad today across the state of Wisconsin. The new ad “Choice,” presents the choice to voters on the issue of tax fairness. Baldwin is the lead sponsor in the House of Representatives of the “Buffett Rule,” legislation that requires people with incomes over a million dollars a year to pay at least the same tax rates as the middle class.

Baldwin has strong record of supporting tax cuts for middle class families and small businesses in Wisconsin including the child care tax credit; marriage penalty relief; expanded student loan interest deduction; tax credits for hiring veterans; and increasing lending and lowering taxes for small businesses. She is also the co-sponsor of the “Bring Jobs Home Act,” which would give a tax break to business owners who relocate an overseas company to the United States and eliminates a tax break for companies that outsource jobs.

The Republican nominee for U.S. Senate, Tommy Thompson, opposes the “Buffet Rule” and supports tax cuts for millionaires like himself while raising taxes on the middle class; increasing out-of-pocket health care costs for seniors; increasing the cost of higher education; and ending the guarantee of Medicare for future generations.

Thompson has promised to pass the GOP Romney/Ryan plan to give individuals making over $1 million a year an average extra tax cut of $265,000. This is on top of the $129,000 tax cut they would receive from an extension of the Bush tax cuts. [Tax Policy Center, 3/23/12; CBPP, 3/27/12]

A Joint Economic Committee analysis of the Romney/Ryan plan supported by Thompson found that a typical household earning between $50,000 and $100,000 and filing jointly will face a tax increase of $1,358. For households with incomes between $100,000 and $200,000, the tax increase is $2,681. [Joint Economic Committee, 6/20/2012] [“Middle class could face higher taxes under Republican plan, analysis finds,” Washington Post, 6/19/2012]

“Choice” Script:The choice on taxes. Tammy Baldwin. Cut taxes for small businesses and the middle class. Baldwin’s the lead sponsor of the Buffet rule to make millionaires pay the same tax rate as the rest of us.  Tommy Thompson.  The guy who’s gotten rich working for DC lobbyists. He wants to give a new $265,000 tax cut to millionaires like himself…while raising taxes on the middle class. Tommy Thompson.  He’s not for you anymore.”

The 30 second ad is running statewide.

 

Background

Baldwin has a Strong Record of Fighting for Middle Class Tax Cuts

2002: Baldwin Sponsored Legislation To Expand The Child Tax Credit. On July 23, 2002, Tammy Baldwin introduced H.R. 5182. The bill sought to amend the Internal Revenue Code to expand the age limit for the child tax credit from children under 17 to children under 19 years of age. [107th Congress, H.R. 5182 introduced 7/23/2002]

2003: Baldwin Re-Introduced Legislation To Expand The Child Tax Credit. [108th Congress, H.R. 1050 introduced 3/4/2003]

2005: Baldwin Re-Introduced Legislation To Expand The Child Tax Credit. [109th Congress, H.R. 1597 introduced 4/13/2005]

Child Tax Credit Expansion Would Help Wisconsin Families. According to The Capital Times, “Eight million more families nationwide – 162,245 in Wisconsin – would benefit if the change becomes law.” [The Capital Times 4/22/03]

Tammy Baldwin Voted For Tax Cut Proposal That Would Reduce Lowest Rate, Provide Marriage Penalty Relief, And Expand The Earned Income Tax Credit For Low-Wage Filers. [Vote #42, 3/8/2001; AP, 3/9/01]

Tammy Baldwin Voted For Making Bush Tax Cut for 10 Percent Bracket Permanent. The House passed the bill 344-76. [Vote #170, 5/13/2004; Washington Post, 5/14/04; Washington Post, 5/14/04]

Tammy Baldwin Voted for FY2010 Budget That Provided Framework for Middle Class Tax Cuts. In 2009, Tammy Baldwin supported a budget that provided a framework for extending middle-income tax cuts. [Vote #216, 4/29/2009; CQ Bill Analysis]

Baldwin Voted to Extend Bush Tax Cuts to Low-And-Middle Income Americans, Eliminate Cuts For Wealthy. On December 02, 2010, Baldwin voted for legislation that would make permanent the 2001 and 2003 tax cuts, also known as the Bush tax cuts, on income under $200,000 for individuals and $250,000 for married couples. It would eliminate the tax breaks for the top two percent of Americans, saving $70 billion over the next ten years. The extensions would also include current lower tax rates for capital gains and dividends, elimination of the “marriage penalty” and an expansion of the increased child tax credit. [Vote #604, 12/2/2010; Congressional Quarterly Today, 12/2/10]

Baldwin Voted To Extend The Payroll Tax Break Through 2012. Tammy Baldwin voted for the Middle Class Tax Relief And Job Creation Act, a bill that would extend the 4.2 percent employee payroll tax rate through 2012. [Vote #72, 2/17/2012]

Baldwin Supported Tax Breaks Targeted Towards Small Business Job Creators

Baldwin Supported Small Business Tax Breaks. In 2007, Baldwin voted for an emergency appropriations bill that included $4.8 billion in small-business tax incentives. The measure passed 348-73. [Vote #424, 5/24/2007; Congressional Quarterly]

Baldwin Voted For Recovery Act With $211 Billion In Tax Cuts. Baldwin voted for the adoption of the conference report on the American Recovery and Reinvestment Act. The tax provisions, which are estimated to reduce revenue by $211.8 billion over 10 years would increase depreciation allowances for businesses, suspend taxes on the first $2,400 of unemployment benefits per recipient for 2009, grant a credit for the first $400 in Social Security taxes for most taxpayers, expand other individual tax credits, including the first- time homebuyer tax credit to $8,000. [Vote #70, 2/13/2009]

Baldwin Supported New Tax Credits To Help Small Businesses Pay For Health Insurance For Employees. Tammy Baldwin voted for the Affordable Care Act which created the a new small business health tax credit The tax credit became effective in 2010, covering up to 35% of the employer’s contributions, but expands to cover up to half of the employer’s contributions in 2014. [Vote #70, 2/13/2009; Vote #167, 3/21/2010; National Economic Council Report: Moving America’s Small Businesses & Entrepreneurs Forward]

Tammy Baldwin Supported Job Creation through Aiding Small Businesses.  On March 4, 2010 Tammy Baldwin supported a measure that would provide small business who hired unemployed workers with a pay roll tax holiday and a $1,000 tax credit for every new employee retained 52 weeks. [Tammy Baldwin Press Release, 3/4/10]

Tammy Baldwin Voted For Increasing Lending and Lowering Taxes For Small Businesses. Tammy Baldwin voted for a motion to concur in the Senate amendment that would establish several small business initiatives, including a $30 billion small-business lending fund administered by the Treasury Department, with funds directed to community banks and a revival of an expired bonus depreciation provision to allow companies to write off assets more quickly. [Vote #539, 9/23/2010]

Baldwin Supported Tax Credits For Hiring Veterans. Tammy Baldwin voted for the VOW To Hire Heroes Act, a bill that would provide tax incentives to employers who hire out-of-work veterans. The bill created a tax credit of up to $5,600 for hiring veterans who have been looking for a job for more than six months, as well as a $2,400 credit for veterans who are unemployed for more than 4 weeks, but less than 6 months.  The bill also included additional tax credits for hiring veterans with service-connected disabilities who have been looking for a job for more than six months. [Vote #853, 11/16/2011]

Baldwin Voted To Extend The Payroll Tax Break Through 2012. Tammy Baldwin voted for the Middle Class Tax Relief And Job Creation Act, a bill that would extend the 4.2 percent employee payroll tax rate through 2012. [Vote #72, 2/17/2012]

Baldwin Introduced The “Buffett Rule” To Ensure The Very Wealthy Pay Their Fair Share

Baldwin Introduced The “Buffett Rule” To Ensure The Very Wealthy Pay At Least A 30% Tax Rate. On February 6, 2012, the Milwaukee Journal Sentinel reported: “House Democrat Tammy Baldwin of Madison introduced a bill Monday to require people making more than $1 million a year to pay a tax rate of at least 30%. The proposal has come to be known as the “Buffet Rule” after billionaire Warren Buffett, who has complained that he pays a lower effective tax rate than some employees of his who make far less money.” [Milwaukee Journal Sentinel, 2/6/2012]

Tommy Thompson: Cuts Taxes for Millionaires Like Himself While Raising Taxes on the Middle Class
Thompson Reported At Least $13 Million In Assets, More Than $5 Million In Income Since 2010. Reported the Milwaukee Journal Sentinel in January 2012, “Thompson reports at least $13 million in assets, and more than $5 million in income since the beginning of 2010, according to an advance copy of the report that he provided to the Journal Sentinel. Thompson said in an interview Thursday that he has a net worth of roughly $13 million, the lion’s share of it amassed since he left his cabinet post as health and human services secretary in January 2005 and began a private-sector career as corporate consultant, executive, investor and speaker with a heavy focus on health care.” [Milwaukee Journal Sentinel, 1/26/12]

Politifact Wisconsin: Thompson “Sold His Influence And Connections To Firms To Whom It Would Benefit On Capitol Hill.” In August 2012, Politifact Wisconsin reported: “On the other hand, it’s clear that Thompson has sold his influence and connections to firms to whom it would benefit on Capitol Hill, but did so in a way — as a consultant — to avoid having to register.” [Politifact Wisconsin, 8/10/2012]

After HHS, Thompson Began “Using His Reputation And Government Resume” To Earn “Millions Of Dollars In Stock, Options And Cash.” While describing Thompson’s personal wealth, the Milwaukee Journal Sentinel reported in 2007: “Any way you cut it, Tommy Thompson is one rich guy. When he took office as Wisconsin governor in 1987, Thompson brought with him a portfolio consisting of fewer than 20 investments, none worth more than $50,000 – some less than $5,000 – plus some farmland and his Elroy law firm. By 2005, when he was leaving President Bush’s administration, he was sitting on a healthy state pension plus assets worth at least $959,000 and possibly as much as $2.5 million. Nine of his investments were worth more than $50,000, and three were valued at between $100,000 and $250,000. That was before he began using his reputation and government résumé to hook up with some 20 companies across the country, earning millions of dollars in stock, options and cash.” [Milwaukee Journal Sentinel, 6/10/07]

Thompson Promised To Pass The Ryan Plan. At the RPW 2012 convention, Thompson said: “I will pass Paul Ryan’s budget plan in the Senate. It is the right plan at the right time for America.” [RPW Convention, 5/12/2012]

Thompson Says He Would Be The 51st Vote To Pass The Paul Ryan Plan. On Monday, August 13, 2012, Tommy Thompson’s campaign released a radio ad in which the voiceover says: “vote Tommy Thompson, the 51st vote to repeal Obamacare and pass Paul Ryan’s Pathways To Prosperity budget.” [Thompson radio ad,  8/13/12]

The Republican Budget would give individuals making over $1 million a year an average extra tax cut of $265,000. This is on top of the $129,000 tax cut they would receive from an extension of the Bush tax cuts. In exchange for these massive tax cuts for the very rich, average Americans would lose their traditional Medicare, have a harder time affording college, and see jobs being shipped abroad. [Tax Policy Center, 3/23/12; CBPP, 3/27/12]

Thompson Promised To Pass The Ryan Plan. At the RPW 2012 convention, Thompson said: “I will pass Paul Ryan’s budget plan in the Senate. It is the right plan at the right time for America.” [RPW Convention, 5/12/2012]

Thompson Says He Would Be The 51st Vote To Pass The Paul Ryan Plan. On Monday, August 13, 2012, Tommy Thompson’s campaign released a radio ad in which the voiceover says: “vote Tommy Thompson, the 51st vote to repeal Obamacare and pass Paul Ryan’s Pathways To Prosperity budget.” [Thompson radio ad,  8/13/12]

Analysis: Paul Ryan Republican Tax Plan Would INCREASE Taxes On Middle Class Families. A Joint Economic Committee analysis of the Paul Ryan income tax plan found: “For households making less than $200,000, removing the tax deductions, making 401(k) contributions subject to taxes, and eliminating the exclusion for employer‐provided health insurance outweighs the benefit of the lower tax rates in the Ryan plan. The net effect is that a typical household earning between $50,000 and $100,000 and filing jointly will face a tax increase under the Ryan plan of $1,358, assuming the additional income is taxed at a 10 percent rate. If those households end up in the 25 percent tax bracket, their additional tax burden would more than double to $2,938. For households with incomes between $100,000 and $200,000, the tax increase is $2,681.” [Joint Economic Committee, 6/20/2012]

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