Wisconsin Democratic Sen. Tammy Baldwin has long been a critic of tax loopholes for the wealthy, even though her partner’s career has reportedly helped her ultra-wealthy clients pay less in taxes.
Maria Brisbane, who is listed as one of Morgan Stanley’s “Private Wealth Advisors,” has been a partner at Baldwin since 2018. Implement a “tax minimization strategy” She is for the company’s clients.
Brisbane’s work, and how it contrasts with Baldwin’s own preaching that wealthy Americans are using loopholes in the tax code to avoid paying their fair share of taxes, was first covered in a report Tuesday by the Washington Examiner.
On Tax Day this year, Baldwin and two other Democrats in the Senate introduced the Carried Interest Fairness Act, which would “eliminate the carried interest tax loophole and make wealthy fund managers pay the same taxes as other American workers,” the report said. April Press Release.
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Sen. Tammy Baldwin, Democrat of Wisconsin, speaks at the WisDems 2024 State Convention on June 8, 2024 in Milwaukee, Wisconsin. (Daniel Boxarski/Wisconsin Democrat Party via Getty Images)
“Hardworking Wisconsin families should not pay more in taxes than the wealthiest Americans, but currently our tax code contains loopholes that allow ultra-wealthy hedge fund managers to avoid paying their fair share,” Baldwin said at the time. “By closing the performance fee loophole, we will make the tax code fairer for working families, reduce the deficit, and ensure that those at the top of the food chain can’t game the system to line their pockets.”
Brisbane, who was named to Forbes’ list of “America’s Top Female Wealth Advisors” in February, will work alongside private wealth advisor Alex Zachary at Morgan Stanley starting in early 2024. Their firm, Brisbane Group, previously operated under Merrill Lynch’s “private wealth management division focused on ultra-high net worth clients,” according to a Forbes report in January. Advisor Hub Report.
“Brisbane Group is focused on helping ultra-high net worth individuals, families and not-for-profit organisations create tailored investment strategies with an emphasis on customised equity portfolios,” Morgan Stanley says on its website.
Additionally, Morgan Stanley touts its Private Wealth Management division, which it says is “dedicated to serving the firm’s most affluent clients, including the world’s most accomplished entrepreneurs, business leaders and managers of generational wealth.”
The New York-based multinational investment bank and financial services firm touts its asset management division as offering “investment opportunities across private equity, private credit, real assets and hedge funds.”
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Sen. Tammy Baldwin (D-Wis.) speaks during a hearing on April 20, 2023, at the U.S. Capitol in Washington. (AP Photo/Alex Brandon, File)
February 2022, Baldwin is a target “Activist hedge funds” “promote short-term profits at the expense of workers, taxpayers and communities,” he said.
The Examiner’s reporting on Tuesday also included comments from the Wisconsin Republican Party targeting Baldwin and Brisben.
“Mr. Baldwin and Mr. Brisben are lining their pockets by helping out-of-state clients avoid paying taxes,” Matt Fischer, a spokesman for the Wisconsin Republican Party, told the outlet.
Regarding Mr Baldwin’s past comments and Mr Brisben’s work at Morgan Stanley, Mr Baldwin’s campaign argued the MP’s record “speaks for itself”.
“Tammy Baldwin has long been a leader in the fight to ensure the wealthiest Americans pay their fair share. To attack Tammy Baldwin about the work of her partner is baseless and wrong,” Andrew Mamo, a spokesman for Baldwin’s Senate campaign, told Fox News Digital.
Baldwin’s campaign also pointed to bills he has introduced or supported in recent years to address specific loopholes, including the Contingency Fee Fairness Act, the Fair Share Payments Act and the Millionaires’ Income Tax Act.
Baldwin is expected to face off against Republican front-runner Eric Hovde in the state’s general election on November 5. (Scott Olson/Getty Images)
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The news comes as Baldwin, who has been elected Wisconsin’s senator since 2013, is seeking reelection to a third term. Baldwin is expected to face off against Republican front-runner Eric Hovde in the Wisconsin general election on November 5.
Baldwin’s campaign accused Hovde of “refusing to disclose his financial situation” and “attempting to evade taxes.” They also highlighted his efforts to self-fund his campaign and his investments in a Cayman Islands-based hedge fund.
