Sen. Tammy Baldwin of Wisconsin has a history of criticizing tax loopholes for the wealthy, despite her partner Maria Brisbane’s career at Morgan Stanley reportedly helping ultra-high-net-worth clients pay less in taxes. Brisbane, a “private wealth advisor” at Morgan Stanley, works to deliver “tax minimization strategies” for her clients, which stands in contrast to Baldwin’s advocacy for closing tax loopholes for the wealthy. Baldwin and two other Democrats introduced the Carried Interest Fairness Act on Tax Day this year to eliminate the carried interest tax loophole and make wealthy fund managers pay their fair share in taxes.
Brisbane, named one of Forbes’ “America’s Top Women Wealth Advisors,” has been working alongside private wealth adviser Alex Zachary at Morgan Stanley since early 2024. The Brisbane Group focuses on helping Ultra High Net Worth individuals, families, and organizations create customized investment strategies with a focus on equity portfolios. Morgan Stanley’s private wealth management division serves affluent clients, including accomplished entrepreneurs and stewards of multigenerational wealth. The firm offers investment opportunities spanning private equity, private credit, real assets, hedge funds, and more.
In February 2022, Baldwin targeted activist hedge funds, accusing them of promoting short-term gains at the expense of workers, taxpayers, and local communities. The Wisconsin Republican Party criticized Baldwin and Brisbane for allegedly helping out-of-state clients avoid paying taxes, accusing them of enriching themselves through this behavior. Baldwin’s campaign defended her record, stating that she has been a leader in ensuring the wealthiest Americans pay their fair share. Baldwin’s campaign also pointed to legislation she has introduced or supported to address tax loopholes, including the Carried Interest Fairness Act, Paying a Fair Share Act, and the Billionaires Income Tax Act.
The report about Baldwin and Brisbane comes as Baldwin seeks re-election to a third term in office, facing off against Eric Hovde, her leading Republican challenger in the race. Baldwin’s campaign has criticized Hovde for refusing to disclose his finances and claimed he worked to avoid taxes. Additionally, the campaign highlighted Hovde’s self-financing of his campaign and his investment in a hedge fund based in the Cayman Islands. Brisbane’s work at Morgan Stanley raises questions about Baldwin’s commitment to closing tax loopholes for the wealthy, as her partner is involved in helping ultra-high-net-worth clients pay less in taxes. The issue of tax fairness is likely to be a topic of debate in the upcoming election between Baldwin and Hovde.
