RELEASE: Mike McFadden Supports Tax Breaks for Big Oil, Companies That Ship Jobs Overseas

McFadden Supports Tax Breaks for Big Oil, Companies That Ship Jobs Overseas

Investment banker’s attacks prove he will always put profits over people

ST. PAUL [09/12/14]—Investment banker Mike McFadden showed his true colors this week when he revealed his support for tax breaks for companies that ship jobs overseas AND for big oil and gas companies.

McFadden exposed his profits-over-people philosophy when he attacked Sen. Al Franken for three votes to end tax breaks for companies that ship jobs overseas and tax breaks for big oil and gas companies. McFadden has made it clear to Minnesotans that he supports the wasteful tax giveaways Sen. Franken has been working to eliminate.

While Senator Franken has voted to end wasteful tax breaks for big oil and gas companies and corporations that ship American jobs overseas, investment banker Mike McFadden’s support for them just shows he will always put corporate profits ahead of Minnesotans, said Alexandra Fetissoff, Franken campaign spokeswoman.

McFadden Defends Tax Loopholes For Companies That Ship Jobs Overseas. McFadden’s ad attacks Franken for voting for a measure that would end tax breaks for companies that ship jobs overseas. According to the Washington Post, To pay for the new spending, the measure would cut off in March 2014 an expansion of food-stamp benefits enacted in last years stimulus. And it would end tax breaks for some multinational corporations that are based in the United States but have operations and pay taxes abroad. Closing those loopholes, as Democrats call them, is the centerpiece of a House Democratic campaign to promote domestic manufacturing and discourage companies from shipping jobs overseas. [WCCO, 9/10/14 ; Vote 228, 8/5/10 ; Washington Post, 8/5/10 ]

McFadden Defends Tax Breaks For Big Oil And Gas Companies. McFadden’s ad attacks Franken for voting for an amendment that, according to The Hill, would “eliminate tax loopholes for the oil and gas industry to fund repeal” of the Affordable Care Act’s 1099 provision. [McFadden Press Release, 8/19/14 ; Vote 7, 2/2/11 ; The Hill, 2/2/11 ]

McFadden Defends (Again) Tax Breaks for Big Oil and Gas Companies. McFadden’s ad attacks Franken for voting in June 2010: To amend the Internal Revenue Code of 1986 to eliminate big oil and gas company tax loopholes, and to use the resulting increase in revenues to reduce the deficit and to invest in energy efficiency and conservation. [WCCO, 9/10/14 ; Vote 187, 6/15/10 ]