According to WisPolitics, Republican U.S. Senate candidate Terrence Wall has paid no state income taxes in four of the past five years:
GOP U.S. Senate candidate Terrence Wall paid no personal state income taxes in four of the past five years, according to figures obtained from the state Department of Revenue.
From 2004 to 2008, Wall, a real estate developer who lives in the Madison enclave of Maple Bluff, only had a state personal income tax liability in 2005, when he paid $43,520, according to DOR records. That one-year amount was more than Wall’s GOP primary opponent David Westlake of Watertown and Dem U.S. Sen. Russ Feingold of Middleton each personally paid in total state personal income taxes over the five-year period.
According to a financial disclosure statement Wall filed with the U.S. Senate in October, Wall had more than $2.6 million in earned and unearned income since the beginning of 2008, and he also has assets listed as being worth at least $58 million, but which could be worth more than $100 million. Wall’s wealth stands in stark contrast to Senator Feingold, whose financial disclosure listed at least $51,002 in assets that produced at least $1,001in income, in addition to his Senate salary of $174,000.
The Democratic Party of Wisconsin was quick to issue a press release criticizing Wall’s failure to pay Wisconsin state income taxes:
“How can Mr. Wall be a voice for Wisconsin tax payers when he isn’t one himself?” asked Mike Tate, Chairman of the Democratic Party of Wisconsin.
“Middle class taxpayers are going to want to know why Terrence Wall thinks he can stick it to them.”
The fact that Terrence Wall has not paid Wisconsin state income taxes in four of the past five years just underscores that he’s a candidate who has little – if anything – in common with middle class folks here in Wisconsin, folks who pay their taxes each and every year, and folks who can’t exploit every tax loophole known to man in order to avoid paying their fair share of taxes. Given the fact that he’s already contributed $250,000 of his own money to his U.S. Senate campaign, Terrence Wall may very well be trying to buy his way into the U.S. Senate, but I’m betting his U.S. Senate campaign will end in much the same way as his campaign for a spot as a Maple Bluff trustee ended – with Terrence Wall as a loser.
Caffeinated Politics and The Sconz has more.
Where are the papers on this? That’s my question. Or at least a JS blog…
Not sure Jim, but I’ll have T. Wall’s financials up once I scan them.
“every tax loophole known to man in order to avoid paying their fair share of taxes.”
Zach, I want to see if I understand your argument. Are you claiming that if someone knows the tax code and takes advantage of a legal deduction he or she is not paying their fair share of taxes?
You mentioned on this blog that you recently bought a house.
Are you going to claim mortgage interest and the first time home buyers credit to avoid paying your fair share of taxes?