Wisconsin Democratic Sen. Tammy Baldwin has a long history of criticizing tax loopholes for the wealthy, even though her partner’s career reportedly helped ultra-high net worth clients pay less taxes.
Labeled by Morgan Stanley as one of its “private wealth advisors,” Maria Brisbane, a partner at Baldwin since 2018, works for offer “tax minimization strategies” for his clients at the firm.
Brisbane’s work, as well as its contrast with Baldwin’s own preaching about wealthy Americans using tax loopholes to avoid paying their fair share of taxes, was first highlighted in a Washington Examiner report on Tuesday.
On Tax Day this year, Baldwin and two other House Democrats introduced the Carried Interest Fairness Act in an effort to close the “carried forward interest tax loophole and make wealthy money managers pay what other American workers do,” according to a April press release.
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Sen. Tammy Baldwin, D-Wis., speaks during the 2024 WisDems State Convention on June 8, 2024 in Milwaukee, Wisconsin. (Daniel Boczarski/Getty Images for Wisconsin Democratic Party)
“Working Wisconsin families should not pay more taxes than the wealthiest Americans. But right now, our tax code has loopholes that allow super-rich hedge fund managers to avoid paying their fair share,” Baldwin said at the time . “By closing the pass-through interest loophole, we will make our tax code fairer for working families, reduce the deficit, and ensure that those at the top of the food chain don’t exploit the system to get even richer.”
Brisbane, who was named to Forbes’ list of “America’s Best Wealth Advisors” in February, has worked alongside private wealth advisor Alex Zachary at Morgan Stanley since early 2024. Her practice, the Brisbane Group, previously operated under Merrill Lynch’s “private wealth management.” unit focused on ultra-wealthy clients,” according to a January report Advisor Hub report.
“The Brisbane Group is focused on helping ultra-high net worth individuals, families and nonprofit organizations create customized investment strategies with a focus on customized stock portfolios,” Morgan Stanley states on its website.
Additionally, Morgan Stanley touts the firm’s private wealth management division, which is “dedicated to serving the firm’s wealthiest clients, including some of the world’s most prominent entrepreneurs, executives and multigenerational wealth managers.”
Headquartered in New York, the multinational investment bank and financial services company touts its wealth management division’s offering of “investment opportunities spanning private equity, private credit, real assets, hedge funds and more.”
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Sen. Tammy Baldwin, D-Wis., speaks during a hearing at the Capitol on April 20, 2023, in Washington. (AP Photo/Alex Brandon, File)
In February 2022, Baldwin targeted “activist hedge funds,” saying they “promote short-term profits at the expense of workers, taxpayers and local communities.”
Tuesday’s Examiner report also included a comment from the Wisconsin Republican Party, which took aim at Baldwin and Brisbane:
“Baldwin and Brisbane are getting richer by helping out-of-state clients avoid paying their taxes,” Matt Fisher, spokesman for the Wisconsin Republican Party, told the outlet.
Regarding Baldwin’s past comments and Brisbane’s job at Morgan Stanley, Baldwin’s campaign insisted the senator’s record “speaks for itself.”
“Tammy Baldwin has been a leader in the fight to ensure the wealthiest Americans pay their fair share for years…Attacking Tammy Baldwin over her partner’s work is baseless and wrong,” spokesperson Andrew Mamo told Fox News Digital. of Baldwin’s Senate campaign.
Baldwin’s campaign also pointed to legislation the senator has introduced or supported in recent years to address certain loopholes, including the Fair Share Carried Interest Act, the Fair Share Payment Act and the Federal Income Tax Act. Billionaires.
Baldwin is expected to face Eric Hovde, his primary Republican rival in the race, in the state’s Nov. 5 general election. (Scott Olson/Getty Images)
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The report comes as Baldwin, who has represented Wisconsin in the Senate since 2013, seeks reelection to a third term. In the state’s Nov. 5 general election he is expected to face Eric Hovde, his primary Republican rival in the race.
Baldwin’s campaign accused Hovde of refusing to “disclose his finances” and claimed he “worked to evade taxes.” Additionally, the campaign highlighted Hovde’s efforts to self-fund his campaign and his investment in a Cayman Islands-based hedge fund.
