According to a new report from the Milwaukee Journal Sentinel, Wisconsin Republican U.S. Senator Ron Johnson “accused his critics Wednesday of ‘playing class envy’” as he tried to defend doubling his wealth in office and securing hundreds of millions of dollars in tax breaks for his biggest billionaire donors.
The tax carveout Johnson spearheaded during the 2017 GOP tax law debate, “overwhelmingly benefited the wealthiest, over small businesses.” Johnson worked with the Trump administration to secure a large, multi-million dollar tax giveaway for his biggest billionaire backers and for himself.
Johnson is currently one of the richest senators with assets “worth between $16.55 million and $78.3 million.” Although the Senator hasn’t said how much he personally benefited from the tax cuts, so far he’s doubled his wealth while in office, and by his own account “should have quadrupled” it.
While securing tax breaks for himself and his biggest billionaire corporate backers, Johnson has repeatedly opposed Wisconsinites best interests — supporting hardline abortion bans, voting against lowering the cost of health care and prescription drugs, and championing the outsourcing of Wisconsin jobs.
Milwaukee Journal Sentinel: U.S. Sen. Ron Johnson accuses critics of ‘playing class envy’ over his wealth, tax cut provision
By: Bill Glauber | August 25, 2022
Key Points:
- “Facing a rugged autumn race for a third term, Republican U.S. Sen. Ron Johnson accused his critics Wednesday of “playing class envy” as he defended doubling his wealth while in office and inserting a major provision into former President Donald Trump’s signature 2017 tax bill.”
- “ProPublica reported Johnson’s push for the tax measure delivered millions in savings to billionaires who financed his campaigns, according to IRS records.”
- “Johnson and his wife listed assets worth between $16.55 million and $78.3 million at the end of last year, with a midpoint $47.4 million, about the same as the previous year. Johnson wasn’t required to list his $174,000 Senate salary.”
- “According to government filings, Johnson made between $5 million and $25 million on the March 2020 sale of his share of the plastics firm Pacur LLC.”
- “‘You know, I doubled my wealth, well I’m the only guy that I know of that actually took all my marketable securities and turned it into cash,’ he said. ‘My wealth doubled because I sold my business that went from book value to market value. I’ve got no conflict of interest. I should have quadrupled my wealth, like most people in their 401k’s did because that’s what the stock market did while I’ve been a U.S. senator.’”
- “‘So I mean, I suppose the criticism should be I’m an awful investor, but they take that they use it that way. And they play class envy. You know, it’s always successful Republicans to get attacked. Successful Democrats never get questioned.’”
Read the full report here.
Published: Aug 25, 2022 | Last Modified: Aug 29, 2022