The following is a press release from Wisconsin Senator Russ Feingold.
Highlights Feingold’s record of supporting tax cuts for Wisconsin families and small businesses Johnson opposes tax cuts for 95 percent of working Wisconsin families and supports extending Bush tax cuts for the wealthiest one percent
Today, the Feingold Campaign released a new television ad statewide, “Looks Out for Us.” The ad features Wisconsin citizens speaking out about Senator Feingold’s record of supporting tax cuts for 95 percent of Wisconsin working families, and tax credits for over 80,000 Wisconsin small businesses to relieve the burden of rising health care costs.
Ron Johnson, a Republican candidate for U.S. Senate, opposes the tax cuts for 95 percent of Wisconsin working families and would repeal the tax credits for over 80,000 small businesses. In addition, Johnson has announced his support for cutting corporate taxes and extending Bush Administration tax cuts that overwhelmingly benefit the wealthiest one percent of Americans.
Senator Feingold supported the American Recovery and Reinvestment Act because after eight years of failed Republican economic policies, combined with the reckless actions of Wall Street, our country was thrown into the worst recession since the Great Depression. The Recovery Act provided necessary investments to help move our economy in the right direction, and more than one-third of the spending in the act was for tax cuts.
Ron Johnson opposes the Recovery Act tax cuts for 95 percent of Wisconsin working families and believes that Wisconsin has not benefited from the Recovery Act, saying, “We would have been far better off not spending any of the money and let the recovery happen as it was going to happen.” [Milwaukee Journal Sentinel, 5/15/10]
Johnson also supports cutting the corporate tax rate and extending Bush Administration tax cuts that overwhelmingly benefit the wealthiest one percent of Americans, and believes that these tax cuts can be made permanent without increasing the deficit. However, he has not yet offered a plan to pay for them. [WisPolitics luncheon, 7/26/10]
Feingold also supported health insurance reform legislation to provide more choices, more affordability and more protections for Wisconsin businesses. This year, up to 84,395 Wisconsin small businesses could receive tax credits of up to 35 percent of premiums to help make coverage for employees more affordable. The reform legislation also cracks down on insurance companies raising rates on a year-to-year basis due to an employee falling ill.
Johnson has said that repealing health insurance reform, and the tax credits for over 80,000 small businesses in Wisconsin, is his top priority. The Milwaukee Journal Sentinel reported last month that Johnson said, “The U.S. should rip up the recently passed health reform law.” [Vicki McKenna Show, WISN, 5/17/10] and [Milwaukee Journal Sentinel, 7/26/10]
Earlier this year, Feingold also voted for the Hiring Incentives to Restore Employment (HIRE) Act, which contains tax cuts and infrastructure investments designed to put people back to work. In addition to creating jobs, the HIRE Act is also fiscally responsible: the new law is fully offset by cracking down on offshore tax shelters and actually reduces the deficit by nearly $1 billion.
Feingold also has introduced a plan for an aggressive payroll tax break that is targeted toward all businesses that hire new employees, increase wages or provide part-time employees full-time work. Earlier this year, the nonpartisan Congressional Budget Office analyzed a tax break similar to Russ’s proposal, and found it would be among the most efficient and effective ways to spur employment.
Last week, when asked by Liz Cheney on Fox News about his legislative priorities if elected, Johnson advocated a complete dismantling of every tax cut enacted since January 2009, and would “wave a magic wand,” to “wipe off the Obama agenda and start over.”
Feingold’s Record of Supporting Tax Cuts for Wisconsin Families and Small Businesses
American Recovery and Reinvestment Act – Senate Vote #5, 1/15/09
Fox Business, in their fact-check analysis of President Obama’s recent remarks at a Wisconsin town hall meeting, found the Recovery Act did cut taxes for more than 95 percent of Wisconsin working families.
According to Citizens for Tax Justice, “ [T]he major tax cuts enacted in the 2009 economic stimulus bill actually reduced federal income taxes for tax year 2009 for 98 percent of all working families and individuals.”
Patient Protection and Affordable Care Act – Senate Vote #396, 12/14/09
Health Care and Education Reconciliation Act of 2010 – Senate Vote #105, 3/25/10
HIRE Act – Senate Vote #55, 3/17/10
Feingold also has introduced a plan for an aggressive payroll tax break that is targeted toward all businesses that hire new employees, increase wages or provide part-time employees full-time work. Earlier this year, the nonpartisan Congressional Budget Office analyzed a tax break similar to Russ’s proposal, and found it would be among the most efficient and effective ways to spur employment.
Johnson Opposes Tax Cuts for Wisconsin’s Middle Class…
Johnson opposes the Recovery Act that cut taxes for 95 percent of Wisconsin working families: “We would have been far better off not spending any of the money and let the recovery happen as it was going to happen.” [Milwaukee Journal Sentinel, 5/15/10]
Johnson opposes health insurance reform and would repeal tax credits for over 80,000 Wisconsin small businesses: “The U.S. should rip up the recently passed health reform law and emphasize free-market principles such as health savings accounts and out-of-pocket charges – for as big a chunk of the country’s medical care as possible.” [Milwaukee Journal Sentinel, 7/26/10]
Johnson supports wiping off all tax cuts passed since the September 2008 financial collapse, “If you can wave a magic wand, what you’d like to do is just wipe off the Obama agenda and start over. Bring certainty back to this economy.” [“Hannity,” 8/24/10]
Last week, Johnson came out in support of “horse trading” tax breaks for middle class homeowners. In a report by Madison’s WKOW 27 News, Johnson is quoted as saying he wouldn’t rule out doing away with home mortgage interest deductions that provide homeowners a tax break. [WKOW 27, Johnson willing to "horse trade" mortgage interest deduction, 8/20/2010]
…but Johnson Supports Tax Cuts for the Wealthiest One Percent and Corporations
Johnson supports extending and making permanent Bush Administration tax cuts for the wealthiest one percent. On Charlie Sykes’s radio program, when Sykes asked Johnson, “What about tax cuts, though? Can you cut taxes without also exploding the deficit?” Johnson replied, “Well first of all, you shouldn’t allow the tax cuts that Bush instituted to expire.” [Charlie Sykes program, WTMJ, 6/30/10]
Johnson supports cutting the corporate tax rate instead of tax cuts for 95 percent of Wisconsin working families contained in the Recovery Act, stating “So, what I would have targeted quite honestly is I would have lowered the corporate tax rate to make us more competitive. “ [WisPolitics luncheon, 7/26/10]
“Looks Out for Us” – Script: The 30-second spot will air statewide and can be seen atwww.russfeingold.org/looksout
Iris, Community Advocate: When the economy collapsed, Senator Feingold helped pass tax cuts.
Chyron: “Russ Feingold supports tax cuts for working families,” “The Making Work Pay Tax Credit provided tax cuts for 95% of Wisconsin’s working families,” Fox Business, 7/1/10
Linda, Administrative Assistant: for 95% of Wisconsin families.
Chyron: “Russ Feingold supports tax cuts for working families,” “The Making Work Pay Tax Credit provided tax cuts for 95% of Wisconsin’s working families,” Fox Business, 7/1/10
John, Retired Air Traffic Controller: Russ also fought for tax credits for small businesses
Dan, Entrepreneur: and relief from rising health care costs.
Anne, Teledata Technician: But Ron Johnson opposed every one of those tax breaks.
Chyron: “Ron Johnson Opposes Middle-Class Tax Cuts”, “Milwaukee Journal Sentinel, 5/15/10 and 7/26/10
Lavonne, Retired Teacher: Johnson thinks that the wealthiest Americans, millionaires like him, ought to have their taxes lowered.
Chyron: “Ron Johnson Supports Tax Cuts for the Wealthy,” Wispolitics, 7/27/10
Mechelle, Marketing Professional: We can’t afford that kind of thinking again.
John, Veteran: We need someone like Russ, who looks out for us.
Russ Feingold: I’m Russ Feingold and I approve this message because you deserve a senator who’s on your side.