{"id":2270163,"date":"2024-06-18T03:31:02","date_gmt":"2024-06-18T07:31:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tammy-baldwin-says-the-1-abuse-lucrative-tax-loopholes-her-partner-mastered-them\/"},"modified":"2024-06-18T03:39:14","modified_gmt":"2024-06-18T07:39:14","slug":"tammy-baldwin-says-the-1-abuse-lucrative-tax-loopholes-her-partner-mastered-them","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tammy-baldwin-says-the-1-abuse-lucrative-tax-loopholes-her-partner-mastered-them\/","title":{"rendered":"Tammy Baldwin criticizes the 1% for exploiting tax loopholes, while her partner is an expert in them"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftammy-baldwin-says-the-1-abuse-lucrative-tax-loopholes-her-partner-mastered-them%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2270163&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Senator Tammy\u2063 Baldwin from Wisconsin has been a vocal critic of the U.S. tax code, arguing that it is laden with loopholes that \u200cbenefit\u2062 the\u200c richest Americans at the expense of\u2064 regular taxpayers. Her campaign highlights her efforts to close these loopholes through proposed\u2062 legislation like the Billionaires Income Tax Act and the Carried Interest Fairness Act. \u200dHowever, Baldwin&#8217;s critics point to a\u200d perceived contradiction, as her partner, Maria Brisbane,\u200b is a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analyzing-the-housing-market-amid-concerns-of-a-crash\/\" title=\"Analyzing the Housing Market Amid Concerns of a Crash\">wealth adviser<\/a> who specializes in minimizing tax obligations for ultra-high net worth clients at Morgan \u200cStanley. Republican spokesperson Matt Fisher and others see this as hypocritical, especially as Baldwin faces\u200b a tough re-election battle against GOP candidate Eric Hovde. Despite these criticisms, Baldwin\u2019s \u200ccampaign defends her record and dismisses attacks related to her partner\u2019s profession as baseless. The \u200cjuxtaposition between Baldwin\u2019s advocacy for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/war-on-small-business-top-advocacy-groups-rip-democrats-proposal-to-strip-tax-deduction\/\" title=\"\u2018War On Small Business\u2019: Top Advocacy Groups Rip Democrats\u2019 Proposal To Strip Tax Deduction\">tax fairness<\/a> and\u2064 her partner\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/johnny-depp-lands-7-figure-deal-with-dior\/\" title=\"Johnny Depp Lands 7-figure Deal With Dior\">career continues<\/a>\u200c to \u2064stir controversy in what is anticipated to be a highly competitive and scrutinized Senate race.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>Sen. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tammy-baldwin\/\" target=\"_blank\" rel=\"noopener\" title>Tammy Baldwin<\/a> (D-WI) has long criticized the U.S. tax code, <a href=\"https:\/\/www.northjersey.com\/story\/opinion\/contributors\/2019\/04\/12\/taking-aim-tax-fairness-and-carried-interest-exemption\/3440388002\/\" target=\"_blank\" rel=\"noopener\" title>claiming<\/a> loopholes allow the wealthiest 1% of taxpayers to dodge paying their fair share. Her partner makes a living <a href=\"https:\/\/advisor.morganstanley.com\/the-brisbane-group\" target=\"_blank\" rel=\"noopener\" title>helping<\/a> \u201cUltra High Net Worth\u201d clients pay less in taxes.<\/p>\n<p>Baldwin\u2019s partner, Maria Brisbane, focuses on delivering \u201ctax minimization strategies\u201d for her clients at Morgan Stanley, which counts Brisbane as a private wealth adviser, according to the firm. It\u2019s a fact that Republicans aim to exploit this election cycle over <a href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/2973976\/tammy-baldwin-profits-lobbyist-revolving-door\/\" target=\"_blank\" rel=\"noopener\" title>apparent hypocrisy<\/a>: Baldwin, who faces a tough challenge in the Badger State this November from GOP businessman Eric Hovde, often calls the tax code unfair. In the Senate Democrat\u2019s <a href=\"https:\/\/www.baldwin.senate.gov\/news\/press-releases\/baldwin-manchin-brown-lead-effort-to-close-tax-loophole-and-make-private-equity-pay-their-fair-share\" target=\"_blank\" rel=\"noopener\" title>telling<\/a>, the rules include \u201ca Swiss cheese of loopholes\u201d that benefit Wall Street and hurt Wisconsin families.<\/p>\n<p>\u201cBaldwin and Brisbane are enriching themselves by helping out-of-state clients avoid paying their taxes,\u201d Matt Fisher, a spokesman for the Wisconsin Republican Party, told the <em>Washington Examiner<\/em>. <\/p>\n<p>Baldwin and Brisbane, whom <em><a href=\"https:\/\/www.forbes.com\/lists\/top-women-advisors\/\" target=\"_blank\" rel=\"noopener\" title>Forbes<\/a><\/em>  placed on its exclusive \u201cAmerica\u2019s Top Women Wealth Advisors\u201d list in February, have been dating since 2018. Brisbane and private wealth adviser Alex Zachary joined Morgan Stanley in early 2024 after their practice, the Brisbane Group, previously operated under Merrill Lynch, according to a <a href=\"https:\/\/www.advisorhub.com\/outbound-merrill-teams-managing-almost-4-billion-combined-exit-for-ubs-morgan-stanley-ria\/\" target=\"_blank\" rel=\"noopener\" title>report<\/a>.<\/p>\n<p>\u201cThe Brisbane Group is focused on helping Ultra High Net Worth individuals, families, and not-for-profit organizations create customized investment strategies with a focus on custom tailored equity portfolios,\u201d Morgan Stanley says on its website, noting that the firm\u2019s private <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/morgan-stanley-threat-of-high-inflation-is-real\/\" title=\"Morgan Stanley: Threat of high inflation is real\">wealth management<\/a> division \u201cis dedicated to serving the firm\u2019s most affluent clients, including some of the world\u2019s most accomplished entrepreneurs, executives and stewards of multigenerational wealth.\u201d<\/p>\n<figure><figcaption>This combo image shows Sen. Tammy Baldwin (D-WI), left, on Jan. 25, 2024, in Superior, Wisconsin, and Eric Hovde, GOP candidate for the Senate, on Aug. 14, 2012, in Peawaukee, Wisconsin. The Wisconsin Senate race between Baldwin and Hovde is setting up as one of the most competitive and expensive Senate races in the country. (AP Photo\/Alex Brandon\/Tom Lynn)<\/figcaption><\/figure>\n<p>Based in New York City, Morgan Stanley\u2019s wealth management division <a href=\"https:\/\/www.morganstanley.com\/what-we-do\/wealth-management\/alternative-investments\/\" target=\"_blank\" rel=\"noopener\" title>offers<\/a> clients investments in the likes of real estate and hedge funds \u2014 managers of which Baldwin <a href=\"https:\/\/www.baldwin.senate.gov\/news\/press-releases\/baldwin-manchin-brown-lead-effort-to-close-tax-loophole-and-make-private-equity-pay-their-fair-share\" target=\"_blank\" rel=\"noopener\" title>said<\/a> in April are not paying their \u201cfair share\u201d in taxes due to a loophole. Hedge funds, Baldwin <a href=\"https:\/\/upnorthnewswi.com\/2022\/02\/17\/sen-tammy-baldwin-gets-a-victory-in-the-fight-against-hedge-fund-vulturism\/\" target=\"_blank\" rel=\"noopener\" title>said<\/a>, \u201cpromote short-term gains at the expense of workers, taxpayers, and local communities.\u201d<\/p>\n<p>\u201cTammy Baldwin has been a leader in the fight to ensure the wealthiest Americans pay their fair share for years. Her record speaks for itself,\u201d Andrew Mamo, a Baldwin campaign spokesman, told the <em>Washington Examiner<\/em>. \u201cAttacking Tammy Baldwin for her partner\u2019s work is baseless and wrong.\u201d<\/p>\n<p>The Baldwin campaign pointed to bills she introduced in recent years to address alleged loopholes, including <a href=\"https:\/\/www.baldwin.senate.gov\/news\/press-releases\/senator-baldwin-introduces-bill-to-ensure-billionaires-pay-their-fair-share-in-taxes\" target=\"_blank\" rel=\"noopener\" title>the<\/a> Billionaires Income Tax Act and Carried Interest Fairness Act. The campaign also pointed to <a href=\"https:\/\/archive.jsonline.com\/news\/wisconsin\/senate05-l660otv-161375355.html\" target=\"_blank\" rel=\"noopener\" title>reporting<\/a> on Hovde self-financing his 2024 campaign and being invested in a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/north-carolina-state-treasurer-calls-for-the-resignation-of-blackrocks-larry-fink\/\" title=\"North Carolina State Treasurer Calls For The Resignation Of BlackRock\u2019s Larry Fink\">hedge fund based<\/a> in the Cayman Islands \u2014 a notorious tax haven. <\/p>\n<p>Still, to the National Republican Senatorial Committee, Baldwin\u2019s preaching about tax loopholes rings hollow. <\/p>\n<p>\u201cCareer politician Tammy Baldwin complains about the rich dodging taxes while her Wall Street mega-millionaire partner is helping the rich dodge taxes,\u201d said Tate Mitchell, a spokesman for the NRSC. \u201cIt doesn\u2019t get more hypocritical than that.\u201d<\/p>\n<p>Brisbane and Zachary\u2019s prior work at Merrill Lynch <a href=\"https:\/\/www.advisorhub.com\/outbound-merrill-teams-managing-almost-4-billion-combined-exit-for-ubs-morgan-stanley-ria\/\" target=\"_blank\" rel=\"noopener\" title>was<\/a> reported in January to have produced $7.5 million in annual revenue from $1.5 billion in client assets. In 2021, Brisbane and Baldwin notably splurged on a $1.3 million \u201cluxurious\u201d penthouse in Washington, D.C., the <em>Milwaukee Journal Sentinel <\/em><a href=\"https:\/\/archive.md\/cLt7v\" target=\"_blank\" rel=\"noreferrer noopener\">reported<\/a>.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/strong><\/a><\/p>\n<p>Meanwhile, as Brisbane coaches wealthy clients on their finances, she also works to educate the next generation of private wealth advisers. For several years, Brisbane has taught a <a href=\"https:\/\/courses.business.columbia.edu\/B8461\" target=\"_blank\" rel=\"noopener\" title>course<\/a> at Columbia University\u2019s prestigious business school called \u201cPractice of Wealth Management for High-Net-Worth Clients.\u201d <\/p>\n<p>The course, according to a copy of the spring 2024 syllabus reviewed by the <em>Washington Examiner<\/em>, includes a seminar on \u201cwealth transfer for tax-sensitive individuals.\u201d<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Tammy Baldwin (D-WI) has often criticized the U.S. tax code for allowing the wealthiest 1% to avoid paying their fair share through loopholes. Meanwhile, her partner, Maria Brisbane, works at Morgan, specializing in helping ultra-high-net-worth clients minimize their taxes<\/p>\n","protected":false},"author":381,"featured_media":2270164,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/AP22340850346407-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2270163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/AP22340850346407-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2270163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/381"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2270163"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2270163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2270164"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2270163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2270163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2270163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}