Oct 10, 2012
Millionaire Tax Cheat Congressman Renacci’s Lies Can’t Save Him from Losing Debate
In today’s Ohio 16th Congressional debate at Cleveland City Club, Congressman Jim Renacci lost because he couldn’t defend the indefensible: his record in Washington selling out Ohio middle class families just to protect perks for himself and tax breaks for millionaires. In Washington, Congressman Jim Renacci voted to pay for new tax breaks for himself and other millionaires by ending the Medicare guarantee. In today’s debate, Congressman Renacci resorted to debunked lies and tried anything to distract from his agenda that raises taxes and the cost of Medicare on middle class families.
“Congressman Jim Renacci lost this debate for the same reason he’s losing this election – he is on the wrong side of Ohio middle class families,” said Haley Morris of the Democratic Congressional Campaign Committee. “Congressman Renacci can’t defend his out of touch record voting to end the Medicare guarantee and forcing seniors to pay thousands more for their health care just to pay for new tax breaks for himself.”
Congressman Renacci Voted for Ryan Budget That Ends Medicare. Congressman Renacci voted for two budgets authored by Congressman Paul Ryan. The budgets would end Medicare’s guaranteed benefit, protect $40 billion in tax breaks for big oil, provide people earning more than $1 million a year with an average tax cut of $265,000, and create incentives for corporations to shift profits and jobs overseas. Additionally, the Congressional Budget Office estimated it will increase health care costs by an extra $6,359 by 2022 for future Medicare beneficiaries, while a household making between $50,000 and $100,000 would face a tax increase of at least $1,358. [H Con. Res. 34, Vote #277, 4/15/11 ; H Con Res 112, Vote #151, 3/29/12 ; Center for American Progress, 3/20/12 ; Center for American Progress, 3/20/12 ; Center for Budget and Policy Priorities, 3/27/12 ; Tax Policy Center, Table T12-0078 and T10-0132 ; Citizens for Tax Justice, 3/22/12 ; Joint Economic Committee, 5/20/11; Joint Economic Committee, 6/20/12]
Renacci Named 10th Richest Member of Congress. In August 2012, Renacci’s net worth of $36.7 million landed him 10th on the list of the richest members of Congress and the 4th in the House of Representatives. [Business Insider, 8/23/12]
Renacci Tried to Avoid $1.4 Million in Taxes and Penalties. In June 2006, the tax department assessed Renacci $1.4 million in back taxes, interest and penalties for misreporting his income in 2000. Renacci and his wife, Tina, filed state tax returns that year that claimed they had a loss of $247,336, but auditors determined they actually made $13,730,440. The couple filed a tax appeal when the state dinged them for $954,650 in back taxes, $146,938 in interest and $293,876 in penalties. The dispute stemmed from Renacci's trust income from an "S" corporation that was not subject to state taxes for several years before Ohio's tax commissioner issued a ruling that changed the state's policy. [Cleveland Plain Dealer, 4/26/10; Associated Press, 4/13/10]
PolitiFact: The Affordable Care Act does not Cut Medicare. “While the health care law reduces the amount of future spending growth in Medicare, the law doesn’t actually cut Medicare.” [PolitiFact, 8/15/12]