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Tommy Thompson on Tax Reform
Former Secretary of H.H.S.; former Republican Governor (WI)
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FactCheck: Tax cuts would save top 1% $87,000 each
We rated Half True a Baldwin claim that Thompson would give a $265,000 tax cut to millionaires like himself, while raising taxes on the middle class. The tax cut figure, as an average, is accurate, but the impact of Thomson's plan for middle-class
taxpayers is far less clear.Baldwin's claim that Thompson's tax plan would cut taxes by $87,000 for the top 1 percent of income earners was rated Mostly True. Thompson didn't refute the figure and experts said it was a good estimate, but that
Thompson's plan lacks enough detail to know for sure.
A public employee union's claim that Thompson "supports massive tax cuts for corporations that outsource jobs" was partially accurate. Thompson would, under certain conditions, exempt from taxation
U.S. companies' profits from overseas operations. But it's not clear whether U.S. employment would decline under this approach; and part of Thompson's plan provides incentives that could convince companies to bring profits back home.
Source: FactCheck.org on 2012 Wisc. Senate debate
, Sep 27, 2012
Limit federal revenue to 18.5% of GDP; and 15% flat tax form
Thompson announced plans to revise the federal tax code. Thompson says he first wants to make George W. Bush's tax cuts permanent. He'd also like to limit federal revenue to 18.5% of the gross domestic product.
Thompson would also like to introduce a 15% flat tax form.
Source: WLUK-TV FOX 11 News on 2012 Wisconsin Senate debates
, Apr 9, 2012
Replace alternative minimum tax with flat tax
Q: In addition to the Bush tax cut, name a tax you’d like to cut.A: I was governor of Wisconsin and vetoed 1,900 items, and reduced taxes $16.4 billion. I think the biggest problem we’ve got in
America is the alternative minimum tax that’s bringing more middle-income people in. Let’s put it in -- let’s have the people have a flat tax and have the option of paying whichever is least.
Source: 2007 GOP primary debate, at Reagan library, hosted by MSNBC
, May 3, 2007
Cut taxes 91 times in Wisconsin, totaling $16.7 billion
We cut taxes in the very first budget and haven’t stopped since. We cut taxes 91 times totaling $16.7 billion. These cuts saved the average Wisconsin family $8,400. And they infused new money into the economy to help stimulate growth and prosperity.
And tonight, the state’s national tax ranking has fallen to ninth in the nation. And when the cuts we enacted for years 2000 and 2001 are factored into the equation, we can say with confidence that Wisconsin is finally out of the top 10 states.
Source: 2001 State of the State Address
, Jan 31, 2001
Tax cuts are an investment in working families
The governor said tax cuts are a sound investment in stronger families, and the $1 billion in tax cut reductions enacted by the budget and the rebate checks builds on his record of reducing the tax burden on working families.
Gov. Thompson proposed a $339 million permanent income tax cut, the largest middle-class income tax cut in state history. Governor Thompson has cut taxes a remarkable 91 times saving the average Wisconsin family more than $8,400.
Source: WI Governor’s website
, Jan 8, 2001
No national sales tax or VAT.
Thompson adopted the National Governors Association policy:
State tax policy is closely linked to federal policy. 36 states currently use either federal income or federal tax liability as the state tax base for personal income taxes. It is critical that Congress and the administration do not enact tax reform in a vacuum, but in consultation and in partnership with the nation’s Governors. - National Sales or Value-Added Tax The nation’s Governors oppose a national sales or transactional value-added tax. Such taxes would intrude into a tax area that has traditionally been reserved for and relied on by state and local governments. If enacted, either of these taxes would seriously threaten the ability of state and local governments to maintain their tax base.
- Current Income Tax If Congress decides to reform the current tax system, they should reduce the complexity of current income taxes; increase incentives to work, save, and invest; and increase efficiency and fairness. As part of any reform of the
current income tax, the nation’s Governors would oppose any modification to the deductibility of state income taxes, property taxes, and the interest on state and local bonds.
- Transition If major tax reform is enacted, it should not be implemented for at least three years, to give states ample time to adjust their own tax systems.
- Information Needs of the StatesThe ability of states to tax various revenue sources depends to a large extent on information that only the federal government can collect. This is becoming much more important given the complexity of both the international and domestic economies in tracing where goods and income are generated. It is critical that the federal government separate tax reform per se from the information that is collected from individuals, businesses, and corporations with respect to income generated. The data collection role of the federal government must be developed in partnership with state and local governments.
Source: NGA Executive Committee Policy Statement EC-9 00-NGA1 on Feb 15, 2000
Opposes increasing tax rates.
Thompson opposes the CC Voters Guide question on tax rates
Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues.
The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Increasing federal income tax rates"
Source: Christian Coalition Voter Guide 12-CC-q11a on Oct 31, 2012
Page last updated: Nov 20, 2012
