Among the top five…
1: During tonight’s debate Barksdale decried not paying a “fair share” of taxes, but his own investment firm promotes a service that helps wealthy clients reduce their tax burden.
- In client brochures, Barksdale’s investment firm touts their ability to “minimize the tax consequences of our decisions” through “the use of various tax-management techniques such as tax-loss harvesting.” (“Client Brochure,” Equity Investment Corporation, 2/27/14)
- Tax-loss harvesting allows investors who realize losses in the stock market to use that loss to “offset taxable income – leading to incremental tax savings or a bigger refund.” (Dan Mongoose. “Tax-Loss Harvesting: Reduce Investment Losses,” Investopedia, Accessed 4/15/16)
- “The IRS Does not want investors to harvest losses for the sole purpose of minimizing taxes.” (Shelley Schwartz, “Weighing The Pros And Cons Of Annual Tax-Loss Harvesting,” CNBC, 10/27/14)
2: Barksdale attacked Senator Isakson for the national debt increasing, even though Democratic President Obama has been the President for the last eight years.
- During the Obama Presidency, more than $8 trillion will be added to the national debt, “which is more debt than the 43 Presidents who held office before him compiled together.” (Louis Jacobson, “Jeb Bush Says Barack Obama Will Add More Debt Than All 43 Previous Presidents Combined,” PolitiFact, 2/18/16)
3: Barksdale doubled down comments he made previously that “capitalism can’t work,” and revealed that he is not willing to raise his own taxes.
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In an interview with WUOG last month Barksdale said, “capitalism just doesn’t work very well,” a sentiment he echoed tonight when asked about his successful investment firm which resulted in his personal success and wealth.
- Later in the debate, Barksdale dodged when asked if he agrees with Hillary Clinton’s tax plan, which raises taxes on high-earners like himself. Instead, Barksdale said, “I can promise you, I have paid my fair share.”
4: Barksdale attacked Senator Isakson having a “trigger happy approach” but doesn’t mention that he profited from the Iraq War.
- In an October 2001 commentary, Barksdale wrote that his firm made the “obvious” decision to increase their holdings in the defense industry: “As a result, we are buying much more selectively, and in a much more targeted way, than during past crises. Some of our decisions seem obvious, such as our increased exposure to defense and insurance, and our decreased exposure to lending institutions.” (“2001 Third Quarter Commentary,” Equity Investment Corporation [Web Archive], 10/2/01)
- In October 2002, Barksdale wrote that his firm was increasing its investment in the defense sector in order to “hedge our market exposure during any war on terrorism.” (“2002 Third Quarter Commentary,” Equity Investment Corporation [Web Archive], 10/3/02)
5: Barksdale called for campaign finance reform, but has bankrolled his campaign with his own money.
- Barksdale has barely raised money for his campaign and has instead, contributed $3.5 million of his own money into the campaign. “The new federal data showed Barksdale continued to dip into his own deep pockets to finance his run, loaning his campaign $400,000 in the third quarter. The numbers also indicate that the Democrat has slowed the spigot, since that represents a fraction of what the Atlanta investment manager has given his campaign in the recent past. Barksdale has loaned his campaign $3.5 million to date.” (Tamar Hallerman, “Jim Barksdale Improves Fundraising But Still Trails Johnny Isakson Significantly In Money Game,” Atlanta Journal-Constitution, 10/17/16)