For Immediate Release
November 17, 2017
Contact: Brad Bainum, bradb@wisdems.org

GOP Tax Scam Is A Gift To Leah Vukmir & Kevin Nicholson's Billionaire Donors

Vukmir and Nicholson back eliminating estate tax, gift to billionaire donors 

Nicholson donor Dick Uihlein could save up to $340,000,000; Vukmir donor Diane Hendricks would get a $867,000,000 cut

"Kevin Nicholson and Leah Vukmir are calling for a massive transfer of wealth to their biggest donors, and they want hardworking Wisconsinites to pay for it" 
 
MADISON -- Yesterday, the U.S. House of Representatives passed its Leah Vukmir and Kevin Nicholson-endorsed version of the #GOPTaxScam that would increase taxes on millions on middle-class families -- nearly half of middle-class families, to be exact -- while slashing corporate tax rates and taxes for the richest Americans.

Among other things, the House GOP tax plan completely eliminates the estate tax -- the tax that's levied on "property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs," but only where the property value exceeds $5.49 million per individual. The estate tax simply doesn't impact most Americans -- and eliminating it only benefits the super-wealthy, like Kevin Nicholson and Leah Vukmir's megadonors (take it from a Wisconsin farmer). 

Here's a look at how Kevin Nicholson and Leah Vukmir's respective billionaire donors would be rewarded by the House GOP bill's elimination of the estate tax (assuming they would at-present be taxed at the 17% effective rate):
  • Illinois billionaire Dick Uihlein has already invested a whopping $15 million in groups backing out-of-state billionaire puppet Kevin Nicholson, but that's just a drop in the bucket compared to the benefits Uihlein would reap under the tax cuts Nicholson wants to gift Uihlein in return:

    Estimated Net Worth: $700,000,000 - $2,000,000,000
    Estimated Cut From Estate Tax Repeal: $119,000,000 - $340,000,000
     
  • Wisconsin billionaire Diane Hendricks is campaign finance co-chair for right-wing state Senator Leah Vukmir, who reportedly kicked off her campaign with "a private audience with [the] influential billionaire." We don't know everything Vukmir has promised Hendricks, but is there any way tax cuts for the wealthy weren't discussed? Here's how Hendricks would benefit from the estate tax repeal Vukmir is calling for:

    Estimated Net Worth: $5,100,000,000
    Estimated Cut From Estate Tax Repeal: $867,000,000
"Kevin Nicholson and Leah Vukmir are calling for a massive transfer of wealth to their biggest donors, and they want hardworking Wisconsinites to pay for it," said Brad Bainum, Democratic Party of Wisconsin spokesperson for the 2018 Senate race. "It's clear what's happening here: Nicholson and Vukmir aren't looking out for Wisconsin working families -- their only concern is rewarding their corporate special interest big donors."