Sep 21, 2010
DCCC TV Ad Hits Jim Renacci (OH-16) on Sheltering Millions From Taxes, Hitting Middle Class Families
DCCC TV Ad Hits Jim Renacci (OH-16) on Sheltering Millions From Taxes, Hitting Middle Class Families with 23% National Sales Tax
On the day Jim Renacci is in Washington, DC, the DCCC released a TV ad hitting Jim Renacci (OH-16) on being forced to pay over a million dollars in back taxes and his support of a 23 percent national sales tax. The DCCC ad will begin running today.
Click below to watch the ad:
There are lemons, and then there’s Used Car Millionaire Jim Renacci.
Renacci tried to avoid paying HIS taxes
…attempting to shelter millions.
…forced to pay over a million in back taxes.
But Renacci’s trying to raise YOURS -- with a new twenty-three percent national sales tax on almost everything you buy -- food, gas, even medicine – hitting the middle-class -- hard.
Jim Renacci. Out for himself. Not us.
The Democratic Congressional Campaign Committee is responsible for the content of this advertising.
- When asked what he thought was the most effective tax system, Renacci cited the Fair Tax. “I believe the, ah, I call it the consumption tax, which is the Fair Tax, is a good model, I think it’s a fair model….So I am a firm believer in the Fair Tax.” [Ohio 16th District Tea Party/9-12 Debate in Canton, OH, 3/09/10]
- According to Americans for Fair Taxation, the group that is backing the effort to impose a Fair Tax, the tax would apply to all goods and services sold at retail.
In a summary of the proposal, the group noted that the 23 percent sales tax would replace the individual income tax, payroll taxes, the corporate income tax, the self-employment tax, and the estate tax. [FairTax.org, “Unspinning the Fair Tax,” 5/31/07; Americans for Fair Taxation, “The Fair Tax Act of 2007 – HR 25: Plain English Summary,” fairtax.org, accessed 7/30/08]
- In 2006, the Ohio Department of Taxation assessed Renacci for over $1.3 million in back taxes, coming from Renacci misreporting his income in 2000.
- Though the Renaccis filed a tax appeal in response to the assessment, they eventually settled their dispute and paid the State of Ohio more than $1.3 million. [Plain Dealer, 4/26/10]
- The Cleveland Plain Dealer’s PolitiFact found that Republican candidate Jim Renacci did in fact fail to pay his income taxes. The Ohio Department of Taxation found, “ [that] Renacci [had] about $1.4 million in back taxes, interest and penalties for misreporting his income in 2000. Renacci and his wife, Tina, filed a state tax return for that year that claimed they had a loss of $247,336, but an audit found 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 Plain Dealer, 8/27/10]
- The non-partisan Politifact found that an AFSCME television ad accusing Renacci of being a “deadbeat citizen” for cheating on his income taxes was “mostly true.”
- In their assessment, they said that Renacci “could have disclosed the trust income on his tax return, as the state warned he should, but he didn’t. He could have paid the taxes and then contested the amount, but he didn’t. He didn’t amend his return, despite the explicit warning in 2002 from the tax department that in not doing so he could face penalties for failure to pay and fraud….We rate AFSCME’s statement as Mostly True.” [Politifact.com, “AFSCME ad calls Ohio congressional candidate Jim Renacci a tax cheat,” 8/27/10]