Under Tax-Dodging Cloud, Wall Officially Kicks-Off Campaign with Questions Not Answers

Jan 17, 2010

Under Tax-Dodging Cloud, Wall Officially Kicks-Off Campaign with Questions Not Answers

Wall: “There’s no such thing as ‘What is your fair share”

Madison, WI – Multi-millionaire, real estate magnate Terrance Wall will be officially entering the Republican 2010 primary for U.S. Senate this week. Mr. Wall has been talking a lot about “listening,” so here are some simple questions Wall should hear…and answer.
Tax Dodging Terrance Paid No State Income Tax

A report from Wispolitics.com <http://Wispolitics.com> revealed on Friday that Wall has not paid any personal income taxes to the State of Wisconsin four out of the last five years. According to the required personal financial disclosure report Wall recently filed, between January 2008 and October 2009, Wall reported income between $3,494,197 to $15,273,332 and reported personal assets totaling $58,584,046 to $129,862,000. In a November interview with WisPolitics, Wall scoffed at the idea he’s not paying his fair share in taxes, saying, “There’s no such thing as ‘What is your fair share?”

How can Wall say he will be a voice for Wisconsin taxpayers when he doesn’t pay his fair share?  
Wispolitics.com <http://Wispolitics.com> : Wall paid no personal state income tax in four of past five years (1/16/2010)
Wispolitics.com <http://Wispolitics.com> : Wall Personal Financial Disclosure Report
Wispolitics.com <http://Wispolitics.com> : Wall November 2009 Interview http://www.wispolitics.com/1006/091120Wall.mp3 <http://www.wispolitics.com/1006/091120Wall.mp3>

Wall’s Accounting Gimmicks Shift Property Tax Burden To Homeowners And Businesses

News reports indicate Wall has also dodged over a hundred thousand dollars in property taxes by claiming several pieces of commercial land he owns in the Madison area is for “farming.” The most infamous is a supposed “pumpkin patch” located in the heart of Wall’s Middleton development projects.  As the Capital Times reported, “The law has shifted millions in property taxes from farms to other types of property, including homes and businesses.” Wall has tried claim that it’s the same thing as taking a “home mortgage deduction,” but that’s simply not true. Regular Wisconsinites don’t have a loophole that allows them to take a property tax deduction for their backyard vegetable garden and Mr. Wall doesn’t call a pumpkin patch “home.”
Does Wall believe there is one set of rules for him and another for everybody else?
The Capital Times: Terrence Wall’s pricey pumpkin patch (10/30/09)
WKOW: Pumpkin patch helps developer reduce taxes (11/2/09)
The Capital Times: Response from Terrence Wall (10/30/09)

Wall Doesn’t Shoot Straight On Wisconsin Businesses Incorporated In Delaware

In a recent interview with Wisconsin Eye, Wall claimed to have only four companies registered in Delaware when public records indicate that at least 16 of Wall’s businesses are incorporated in Delaware, not Wisconsin.  The media has reported that the practice is used “to help corporations avoid paying taxes in other states,” and that it is “an alleged ruse,” where Delaware acts as an “onshore Cayman Islands.”
Does Wall have four or sixteen shell companies registered in Delaware and is he using the Delaware accounting gimmick in order to take income tax deductions in the state where he actually does business, Wisconsin?
Wisconsin Eye: Interview (1/8/10)
The Capital Times: Biz Beat: T. Wall rapped over Delaware address (10/2/09)
New York Times: Critics Call Delaware a Tax Haven (5/30/09)
Blogging Blue: 16 Delaware Companies (9/30/09)

Wall Was For Wall Street Bailout Before He Was Against It
During a panel discussion earlier this year, Wall said his company tried to make money from the Wall Street bailouts when they applied to “become the sub-manager for the TARP funds…”  Now, as a political candidate Wall has railed against the Wall Street bailouts.
If Wall opposes the Wall Street bailout why did he try to make money off of it?
Wisconsin Eye: Coverage – Meltdown or Opportunity? Economic Downturn and Business at Edgewood College (3/31/09)

Wall Was Against Regulating Wall Street Before He Was For It
In 2008, as the economy was headed toward collapse, Wall wrote that “I don’t think Wall Street should be regulated…” Now as a political candidate, Wall’s website says, there should be “appropriate regulation to Wall Street speculators.”

Why has Wall changed his position on holding Wall Street accountable for driving our economy into the worst financial crisis since the Great Depression?

The Wall Report (May 2008)
Wall Website