Sen. Tammy Baldwin of Wisconsin has a history of criticizing tax loopholes for the wealthy, despite her partner Maria Brisbane working as a private wealth advisor at Morgan Stanley, helping ultra-high-net-worth clients minimize taxes. Baldwin has been vocal about closing tax loopholes that allow the wealthy to avoid paying their fair share in taxes. On Tax Day this year, she introduced the Carried Interest Fairness Act with two other Democrats to eliminate the carried interest tax loophole and make wealthy fund managers pay their fair share.
Brisbane, named one of Forbes’ “America’s Top Women Wealth Advisors,” works with ultra-high net worth individuals, families, and not-for-profit organizations to create customized investment strategies. She has been working at Morgan Stanley alongside private wealth adviser Alex Zachary since early 2024. Baldwin, in contrast, has been critical of tax avoidance strategies used by the wealthy. In February 2022, she targeted activist hedge funds that focus on short-term gains at the expense of workers and taxpayers.
The report from the Washington Examiner highlighted the contrast between Baldwin’s statements on tax fairness and her partner’s work at Morgan Stanley. The Wisconsin Republican Party criticized Baldwin and Brisbane, accusing them of helping out-of-state clients avoid paying taxes and enriching themselves in the process. Baldwin’s campaign defended her record, pointing to legislation she has introduced or supported to address tax loopholes, such as the Carried Interest Fairness Act, Paying a Fair Share Act, and the Billionaires Income Tax Act.
As Baldwin seeks re-election to a third term in office, she is expected to face off against Eric Hovde, a leading Republican challenger in the race. Baldwin’s campaign has criticized Hovde for refusing to disclose his finances and working to avoid taxes. They also highlighted Hovde’s self-finance campaign and investment in a hedge fund based in the Cayman Islands. Despite the controversy surrounding her partner’s work, Baldwin’s campaign maintains that she has been a leader in advocating for tax fairness and ensuring the wealthiest Americans pay their fair share.
Baldwin’s long-standing stance on tax fairness and closing loopholes for the wealthy has garnered attention in light of her partner’s career at Morgan Stanley. While Baldwin has been vocal about holding the wealthy accountable for paying their fair share in taxes, Brisbane’s work with ultra-high net worth clients to minimize taxes stands in contrast to her partner’s views. The report from the Washington Examiner has sparked criticism from the Wisconsin Republican Party, accusing Baldwin and Brisbane of enriching themselves by helping clients avoid taxes.
Despite the controversy surrounding Baldwin and Brisbane, Baldwin’s campaign maintains that her record speaks for itself. They point to legislation she has introduced or supported to address tax loopholes and ensure the wealthiest Americans pay their fair share. As Baldwin seeks re-election to a third term in the Senate, she faces scrutiny over the contrast between her advocacy for tax fairness and her partner’s work at a firm that helps ultra-high net worth clients minimize taxes. The upcoming election against Eric Hovde, her leading Republican challenger, is likely to bring further attention to Baldwin’s stance on tax fairness and her partner’s career in private wealth advising.
