Millionaire GOP Senate Candidate Tommy Thompson’s Plan Would Lower His Own Taxes By $87,000

In Wisconsin, the senate race to succeed Herb Kohl (D) is heating up between Rep. Tammy Baldwin (D) and four Republican challengers. One GOP candidate, former Wisconsin Gov. Tommy Thompson, has unveiled a tax plan that would give millionaires, himself included, a huge tax cut.

In a recent memo, the Baldwin campaign argued that Thompson’s 15 percent flat tax plan would allow the top 1 percent of earners to pay an average of $86,502 less in income taxes. Politifact and the Milwaukee Journal Sentinel verified Baldwin’s assertion, with the caveat that many of the details of Thompson’s plan have yet to be released.

A Thompson spokesman, though, freely admitted that Baldwin’s analysis of the plan “seems sufficient,” adding that part of the intent of the plan is to raise taxes on the poor who currently don’t make enough money to have any federal income tax liability.

For her part, Baldwin co-sponsored the “Buffett Rule,” which prevents the richest Americans from being able to pay a lower tax rate than middle-class families.

Thompson raked in millions last year advising pharmaceutical companies he was once tasked with overseeing as U.S. Secretary of Health and Human Services. Thompson’s net worth is currently $13 million. And he isn’t the only conservative who would greatly benefit from his own radical tax proposal: 2012 GOP presidential nominee Mitt Romney would save $5 million on his tax bill if his own tax plan were enacted.

Steven Perlberg