Earlier this week, I wrote about about Madison-area real estate developer (and possible U.S. Senate candidate) Terrence Wall’s tax dodge to avoid paying Wisconsin corporate taxes. At the time, I noted Wall had set up his company’s principle office in Wilmington, Delaware, ostensibly because Delaware has no state corporate taxes, allowing T. Wall Properties to benefit from the so-called “Las Vegas loophole,” thus avoiding paying its fair share of taxes here in Wisconsin.
As if Terrence Wall’s tax dodge for T. Wall Properties wasn’t bad enough, I’ve done a little digging on the Delaware State Department’s Division of Corporations website, where I was able to determine Terrence Wall has not one, but SIXTEEN corporations set up in Delaware to presumably avoid taxes here in Wisconsin:
T. WALL PROPERTIES ARIZONA L.L.C.
T. WALL PROPERTIES CORE FUND L.L.C.
T. WALL PROPERTIES L.L.C.
T. WALL PROPERTIES MASTER CORP.
T. WALL PROPERTIES VALUE FUND L.L.C.
T. WALL REALTY FUND I LLC
T. WALL REALTY MANAGEMENT LLC
TW Property Holding LLC
TW Property LLC
TW Properties LLC
HC Office Center Corp.
High Crossing Development Corp.
WS Office Center Corp.
Greenway Master L.L.C.
525 Junction Road L.L.C.
Greenway Office Center L.L.C.
So here’s what I’m thinking….since Terrence Wall thinks Delaware is such a great place to do business, seeing as how he’s set up sixteen companies there, then perhaps he should consider running for Delaware’s U.S. Senate seat in 2010, since I hear it’s going to be open. So here’s a word of advice for Mr. Wall: Terrence, if you’re interested in running for the U.S. Senate in Delaware, just go ahead and visit the State of Delaware Commissioner of Elections website and fill out the necessary paperwork; you’d probably have a better chance of winning that seat than you do of winning Wisconsin’s Senate seat.