Tammy Baldwin on The Economy

Last Updated : Nov 01, 2012

Summary

Taxes and Stimulus

In 2001, Congresswoman Baldwin opposed the economic theory put forth by Republicans that the proposed tax cuts would help the economy. She asserted that it was the height of irresponsibility to pass on enormous corporate tax cuts rather than target assistance to individuals and small businesses in need. She added that a real economic stimulus would put most of the money quickly into the hands of people who are most likely to spend it - especially those who have become unemployed as a result of the post-Sept.11th economic downturn.

In 2003, Congresswoman Baldwin reacted to more tax cuts and stated that any economic plan should be fair, should be fast acting, it should be fiscally responsible. She noted the unfairness of people who made a great deal more money, like Alex Rodriguez, would benefit much more from the tax cuts than a common worker.

The HIRE Act

In 2010, Congresswoman Baldwin supported the HIRE Act. This legislation would enact a payroll tax holiday for businesses that hire unemployed workers and provides an additional $1,000 income tax credit for every new employee retained for 52 weeks. The bill also allows small business to double the amount of their immediate write-off for capital investment and purchases of new equipment made in 2010. The Congresswoman claimed that the measures will result in the creation of more than 300,000 new jobs.

 

Opposition to Stimulus Plan

In October of 2001, Congresswoman Baldwin issued a press statement noting noting her view that the Republican led tax cuts were not a good stimulus plan and would cause the surpluses to go away.

 

Opposition to Republican Plan

In May of 2003, Congresswoman Baldwin opposed the Republican tax cuts as a plan for economic simulation. She noted the three criteria for an economic stimulus, that it be fast acting, fiscally responsible, and fair.

 

The HIRE Act

In March of 2010, Congresswoman Baldwin issued a press statement noting her support for the HIRE Act.

 

Official Website Statements

 

Campaign Website Statements

 

Voting Record

Small Business Jobs Tax Relief Act of 2010

In June of 2010 the House voted to pass the Small Business Jobs Tax Relief Act of 2010. The act passed 247-170. Tammy Baldwin voted in favor of the Small Business Jobs Tax Relief Act of 2010

Tammy Baldwin voted in favor of the Small Business Jobs Tax Relief Act of 2010

Wall Street Reform and Consumer Protection Act of 2009

In June of 2010, the House voted on the Wall Street Reform and Consumer Protection Act of 2009. The act failed to pass in a . Tammy Baldwin voted against the Wall Street Reform and Consumer Protection Act of 2009.

Tammy Baldwin voted against the Wall Street Reform and Consumer Protection Act of 2009.

TARP Bonuses

In March of 2010, the House voted on legislation to impose an additional tax on bonuses received from certain TARP recipients, and for other purposes. The legislation passed the House 276-145. Tammy Baldwin voted in favor of the legislation to tax bonuses to TARP recepients.

Tammy Baldwin voted in favor of the legislation to tax bonuses to TARP recepients.

Small Business and Infrastructure Jobs Tax Act of 2010

In March of 2010 the House voted to pass the Small Business and Infrastructure Jobs Tax Act of 2010 246-178. Tammy Baldwin voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Tammy Baldwin voted in favor of passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Wall Street Reform

In late 2009, the House passed the Wall Street Reform and Consumer Protection Act of 2009. The legislation consolidated many financial regulatory agencies, increased transparency in the derivatives market, regulation of credit rating agencies, and a "resolution regime" to resolve insolvent banks. Tammy Baldwin cast a "No Vote"

The Stimulus

After the Senate passed the Stimulus package, the House voted on a passage of a conference bill to join the House and Senate versions. Tammy Baldwin voted in favor of the unified version of the Stimulus bill.

Tammy Baldwin voted in favor of the unified version of the Stimulus bill.

The Stimulus

The Stimulus bill (The American Recovery and Reinvestment Act of 2009) passed through the House on January 28, just days after President Obama\'s inauguration. The bill got no support from Republicans and 11 Democrats voted against it as well. Tammy Baldwin voted in favor of the Stimulus when it passed the House.

Tammy Baldwin voted in favor of the Stimulus when it passed the House.

Helping Families Save Their Homes Act of 2009

The Helping Families Save Their Homes Act of 2009 was a program designed to assist those who may be able to remain in their home with a modest amount of government assistance. The bill got wide bi-partisan support in the House and passed 367-54. Tammy Baldwin voted in favor of the Helping Families Save Their Homes Act of 2009.

Tammy Baldwin voted in favor of the Helping Families Save Their Homes Act of 2009.

Auto Industry Financing and Restructuring Act

In December of 2008 the US House voted to pass the Auto Industry Financing and Restructuring Act. The act provided a loan to GM through TARP funds and set up a plan to allow the company to receive more if they demonstrated a path back to viability. The act failed to pass the Senate, but was used as a guideline for the GM bailout for the Obama administration. Tammy Baldwin voted in favor of the Auto Industry Financing and Restructuring Act.

Tammy Baldwin voted in favor of the Auto Industry Financing and Restructuring Act.

Troubled Asset Relief Program (TARP)

The TARP program was designed to prevent the failure of large banks by purchasing their "troubled assets" and allowing them to move them off their records as liabilities. The vote on the legislation passed 263-171 Tammy Baldwin voted in favor of the TARP program.

Tammy Baldwin voted in favor of the TARP program.

The Bush Stimulus

In early 2008, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 was passed in an attempt to stimulate the economy. Also known as the Bush Stimulus, the act consisted largely of checks sent to individuals. The bill received wide bipartisan support and passed the House 385-35. Tammy Baldwin voted in favor of the Bush Stimulus.

Tammy Baldwin voted in favor of the Bush Stimulus.

Bankruptcy Reform

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 completely redefined bankruptcy in the United States. The bill made it much more for people to walk away from unsecured debt, such as credit cards, and permitted the court to award some compensation to creditors in the event that a bankruptcy was awarded. The bill got moderate bipartisan support and passed 302-126. Tammy Baldwin voted against the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Tammy Baldwin voted against the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

American Jobs Creation Act

The American Jobs Creation Act was a Republican plan that was signed into law in the summer of 2004. The legislation ending some taxes in the agriculture industry, reduced corporate tax rates from 35% to 32%, reduced taxation on overseas income, and provisions to help companies invest in equipment. It passed the House 251-178. Tammy Baldwin voted against the American Jobs Act.

Tammy Baldwin voted against the American Jobs Act.

Sarbanes-Oxley

In response to Enron and other accounting scandals, Congress passed a bill which imposed a number of book-keeping and accounting regulations on several industries. The Sarbanes-Oxley Act of 2002 The bill received moderate bi-partisan support in the House and passed in a 334-90 vote. Tammy Baldwin voted against Sarbanes-Oxley.

Tammy Baldwin voted against Sarbanes-Oxley.

Financial Services Modernization Act of 1999

Also known as GRAMM-LEACH-BLILEY ACT, this legislation ended the Glass-Stegall rule that separated banking institutions from investment institutions. Tammy Baldwin voted against the Financial Services Modernization Act of 1999.

Tammy Baldwin voted against the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 4426; Wall Street Bonus Tax Act - Cosponsor

Amends the Internal Revenue Code to: (1) impose a tax on current or former employees of recipients of financial assistance under the Trouble Asset Relief Program (TARP) for 50% of any bonus exceeding $50,000 paid to them during 2010; and (2) establish in the Treasury the Small Business Growth Fund to hold revenues from such tax. Requires the Administrator of the Small Business Administration (SBA) to establish and carry out a program to make loans directly to small business concerns. Makes amounts from such Fund available to carry out such program.

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