NRSC Response To Joe Sestak’s New Misleading TV Ad

WASHINGTON – National Republican Senatorial Committee (NRSC) Press Secretary Amber Marchand issued the following statement and fact check today in response to liberal U.S. Representative Joe Sestak’s (D-PA) misleading new TV ad today.

“Joe Sestak’s liberal rhetoric simply doesn’t match reality. Sestak’s misleading ad conveniently fails to mention the fact that the tax cuts he attacks were supported by experts who were appointed by his own party leaders. Sestak also fails to mention that he voted for Washington bailouts and took money from the financial industry. Pennsylvanians can see through Joe Sestak’s hypocrisy, which is why they will elect a real leader in Pat Toomey this November.”

Notably, Sestak’s ad comes on the same day that a new Reuters/Ipsos poll shows Republican Senate nominee Pat Toomey (R-PA) maintaining a strong 10-point lead over Sestak, despite the fact that national Democrats have spent over $1 million. Clearly, Keystone State voters aren’t buying the misleading attacks that Sestak and his party leaders in Washington are attempting to sell just 63 days from the midterm elections.

Background Information:

Experts Appointed By The Obama Administration And At Key Think Tanks Have Advocated For Cutting The Corporate Tax Rate:

An Expert Tax Panel Named By President Obama Recommended Cutting The Corporate Tax Rate. “An expert panel named by President Barack Obama spelled out ideas to clean up the byzantine U.S. tax code, including sending a pre-filled-out return to some individuals and paring the corporate rate while cutting loopholes.” (Kim Dixon, “Tax Code Panel Suggests Cutting Corporate Rate,”Reuters, 8/27/10)

  • “Still, The Report Outlines The Benefits Of Cutting The Corporate Rate, Including Encouraging Savings And New Investment. It Did Not Recommend A Specific Figure.” (“Tax Code Panel Suggests Cutting Corporate Rate,” Reuters, 8/27/10)

The Report Called The Corporate Tax System “Deeply Flawed And In Need Of Reform.”“The U.S. corporate tax system is ‘deeply flawed and in need of reform,’ according to a report released Friday by an advisory panel to the White House led by former Federal Reserve Chairman Paul Volcker.” (Martin Vaughan and Jared A. Favole, “Corporate Tax System Flawed, Report Says,” The Wall Street Journal, 8/27/10)

“The Report Puts Forward Several Proposals Aimed At Improving Corporate Taxes, Including Cutting The Corporate Tax Rate . . . .” (Martin Vaughan and Jared A. Favole, “Corporate Tax System Flawed, Report Says,” The Wall Street Journal, 8/27/10)

The Heritage Foundation: “The United States Has The Second Highest Corporate Tax Rate Of Any Of The 30 Countries In The Organization For Economic Cooperation And Development.” “The United States has the second highest corporate tax rate of any of the 30 countries in the Organization for Economic Cooperation and Development (OECD) – a collection of the most economically developed countries in the world. The federal rate is 35 percent. Add on the average state corporate income tax and United States businesses pay a top rate over 39 percent. This is just below Japan which has a rate slightly over 39.5 percent.”  (The Heritage Foundation, “High Corporate Income Tax Rate Driving Jobs Overseas,” http://blog.heritage.org, Posted 5/5/10)

The CATO Institute: “The U.S. Corporate Tax System Has Become Unwieldy, Inconsistent With World Practice, And Highly Anticompetitive.” (Duanjie Chen and Jack Mintz, “U.S. Effective Corporate Tax Rate On New Investments: Highest In The OECD,” The Cato Institute, May 2010)

Sestak Voted For Washington Bailouts:

Sestak Voted Twice In Favor Of Appropriating Funds For TARP. (H.R. 3997, CQ Vote #674: Rejected 205-228: R 65-133; D 140-95, 9/29/08, Sestak Voted Yea; H.R. 1424, CQ Vote #681: Agreed To 263-171: R 91-108; D 172-63, 10/3/08, Sestak Voted Yea)

  • Sestak Voted Against Denying The Further Release Of TARP Funds. (H. J. Res. 3, CQ Vote #27: Passed 270-155: R 171-4; D 99-151, 1/22/09, Sestak Voted Nay)

Sestak Voted In Favor Of The Mortgage Bailout Bill. (H.R. 3221, CQ Vote #519: Adopted 272-152: R 45-149; D 227-3, 7/23/08, Sestak Voted Yea)

Sestak Voted For A $14 Billion Bailout Of The Auto Industry. (H.R. 7321, CQ Vote #690: Passed 237-170: R 32-150; D 205-20, 12/10/08, Sestak Voted Yea)

Sestak Voted For The “Stimulus” Bill, Which Allowed For AIG Bonuses. (H.R. 1, CQ Vote # 70: Adopted 246-183: R 0-176; D 246-7, 2/13/09, Sestak Voted Yea)

  • The “Stimulus” Bill Allowed For Huge Bonuses To AIG Executives. In Mid February 2009, Politico Reported “Executive Bonuses Doled Out In Contracts Signed Before February 11 Would Not Be Impacted.” “[T]he rules in the stimulus bill apply not only to companies that receive bailout funds in the future, but also to those that have received TARP money in the past – although executive bonuses doled out in contracts signed before February 11 would not be impacted.” (Carol E. Lee, “Dodd Banker Pay Cap One-Ups Obama,” Politico, 2/14/09)

AIG, Which Received Nearly $200 Billion In Federal Bailout Funds, Paid Bonuses To 418 Employees, Including $1 Million Each To 73 People. “The bonuses that the American International Group awarded last week were paid to 418 employees and included $33.6 million for 52 people who have left the failed insurance conglomerate, according to the office of the New York attorney general. The company paid the bonuses, including more than $1 million each to 73 people, to almost all of the employees in the financial products unit responsible for creating the exotic derivatives that caused A.I.G.’s near collapse and started the government rescue to avoid a global financial crisis. A.I.G. has received nearly $200 billion in federal bailout funds.” (Jackie Calmes and Louis Story, “418 Got A.I.G. Bonuses,” The New York Times, 3/18/09)

Sestak And His Fellow Democrats In Congress Have Taken Money From The Securities & Investment Industry:

Over His Career, Sestak Has Taken At Least $385,376 From The Securities & Investment Industry. (Center For Responsive Politics, www.opensecrets.org, Accessed 8/31/10)

Over His Career, Obama Has Taken The Most Money Of Any Politician From The Securities & Investment Industry Totaling At Least $16,041,389. (Center For Responsive Politics,www.opensecrets.org, Accessed 8/31/10)

Over Her Career, Pelosi Has Taken At Least $596,450 From The Securities & Investment Industry. (Center For Responsive Politics, www.opensecrets.org, Accessed 8/31/10)

Over His Career, Biden Has Taken At Least $ $927,825 From The Securities & Investment Industry. (Center For Responsive Politics, www.opensecrets.org, Accessed 8/31/10)

August 31st, 2010 | Posted in Front Page Stories | No Comments