UPDATE:Roll Call is reporting that Senator Russ Feingold, Wisconsin Democrat, is planning to vote ‘no’ on the Wall Street bill.
The financial regulatory reform bill seemed like a sure thing just almost a week ago. However, after Democrats in both chambers looked to hike $19 billion in taxes on banks, things changed.
Senator Scott Brown, Massachusetts Republican, voted for the original Senate bill along with Senators Olympia Snowe, Maine Republican, and Susan Collins, Maine Republican.
However, the new taxes could be a problem for Democrats looking for Republicans to join their ranks again to support the financial regulatory bill when the newly merged House-Senate version rolls around to the Senate again. In order for the bill to pass the Senate, Democrats need 60 votes.
“I said right from the beginning, I’ll let my statements speak for themselves,” said Senator Brown. “I was disappointed and surprised that at the last minute, they put in assessment fees, taxes…really without letting us know, and I’ve always made it clear that I can’t support adding another $19 billion passed through taxes to individual consumers, especially in the middle of a two year recession.”
The recent death of Senator Robert Byrd does not make things any easier for Democrats, who were expecting to pass the banking regulation bill without too many problems.
Advertisement - story continues below
UPDATE: And, from his website, Scott Brown also will oppose the democrat’s cap and trade energy tax:
Washington has no shortage of bad ideas. Even well-intentioned programs usually come wrapped up with higher taxes and fees that I refuse to support. The special interests are pushing for a national energy tax, otherwise known as cap and trade. They also want to increase red tape and regulation. For some reason, the Washington elites believe that if one opposes a national energy tax and more regulation, they must also support the Gulf oil spill. This is ludicrous.
The fact is, cap and trade will hurt the poor and working class the most and America can’t afford another tax.
While I continue to fight for lower taxes, less regulation and reduced spending in Washington, some groups are beginning to fight me here in Massachusetts by running negative TV ads. This is nothing new. The political machine has been running ugly attack ads against me since the campaign.
You would think that if my political opponents were really concerned about the Gulf oil spill, that they would invest the hundreds of thousands of dollars they are spending to attack me on efforts to protect the environment in the affected area. Instead, they cynically attack me for defending the working families of Massachusetts.
I’d like to fight back so I’m writing you this email to ask for your help. Will you donate $100 right now to my campaign to fight back? If that amount is not possible, would you consider donating another amount to help fend off these negative attacks?
Scott Brown nailed it.
Cap-and-tax will hurt the poor and middle class the most.