Terrence Wall hasn’t paid taxes in 4 of the last 5 9 of the last 10 years

Remember when I wrote about how Republican U.S. Senate candidate Terrence Wall hadn’t paid any state income taxes in four of the past five years?

Turns out, it’s actually nine out of the last ten years:

Republican U.S. Senate candidate Terrence Wall has not paid personal state income taxes in nine of the last 10 years, according to state Department of Revenue figures obtained from the liberal group One Wisconsin Now.

The document indicates Wall, a real estate developer, paid no net taxes from 1999 to 2008, except in 2005 when he paid $43,520.

I wonder what will turn up next when it comes to Terrence Wall’s aversion to paying taxes.

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14 thoughts on “Terrence Wall hasn’t paid taxes in 4 of the last 5 9 of the last 10 years

  1. Before anyone else makes comments about this, does anyone actually have or have actually seen Terrance Wall’s COMPLETE 1040’s for the past 10 years?

    1. “Republican U.S. Senate candidate Terrence Wall has not paid personal state income taxes in nine of the last 10 years, according to state Department of Revenue figures obtained from the liberal group One Wisconsin Now.” – Wisconsin State Journal.

      Do you have them, good sir?

    2. Tom, Wall’s campaign has attributed the fact that Wall hasn’t paid state income taxes because he took advantage of investment tax credits and tax code provisions that permit offsetting income with depreciation of real estate. However, as I’ve previously noted, I can’t help but wonder if the depreciated real estate Terrence Wall used as an excuse to explain his not having paid taxes four of the past five years is the same real estate Wall had reclassified as “agricultural” in order to “depreciate” its worth down from $2 million to much less than that in order to avoid paying roughly $34,000 in property taxes.

      1. Zach,

        He wouldn’t be able to write off a loss against a gain unless he sold. Land cannot be depreciated regardless of whether it is farmland or commercial. Structures, can be depreciated 27.5 for residential prop and 39 years for commercial property.

        My understanding, is that he took advantage of various tax credit programs that were implemented by the Doyle administration.

        That being said, not paying income tax doesn’t tell us very much. It’s like saying you made 10 baskets yesterday. If you took 10 shots that’s pretty good, if you took a 1000 that’s not so good.

        I’m guessing, however, that he probably had an AMT payment and capital gains taxes over that period.

  2. I’m sure the Democrat state party, and perhaps the Feingold campaign itself (if necessary), will make hay with this. But, will they support changing those tax code provisions or eliminating those investment tax credits? It seems to me if you are going to criticize one, you should address the root of “the problem.”

  3. Huh, the plot thickens……It wont be long before the people of Wisconsin think of Terrence Wall as running for the US Senate to help his own interests. And it wont be long before they equate him to the same old do-nothing so called leaders the country has been fighting about for years.

  4. That’s funny, seems the rest of the country already has made that same judgment about the democrats, Obama and his socialist machine, for which Feingold is a happy participant. We are going to hang the economy, job losses, failure of healthcare reform around Feingolds head.

    People are tired of liberals accusing everyone who has money of being cheats, liars, and frauds. Obama is doing the same now, proposing an insane tax on banks who have already paid back the money the government forced them to borrow in the first place. Can’t wait to see the state of the union address, should be a short speech!

    1. Kent, I wish Obama’s SOTU speech would say “The era of big government is over” but I think that is highly unlikely.

  5. The claim by Master Terrence Wall Street about the Doyle administration tax credits (he specifically cites Act 255) which allowed him to avoid net taxes in 9 of the last 10 years went into effect January 2008.

    On the capital gains: until the passage of the biennial budget in ’09, Wisconsin had the most ridiculously generous capital gains tax break in the country. LFB says 70% of all capital gains tax breaks go to those making over $200K a year — 80% of people with incomes over $200K enjoyed capital gains taxes. Bottom line, a state capital gains argument is also ridiculous.

    Isn’t AMT federal? We’re talking about the state. And every dime Wall squirrels in whatever complicated instate/outstate scheme is money out of the state treasury that he owes the people of Wisconsin. It costs money to fund the state of Wisconsin and we pay more when he doesn’t pay his fair share. And he dare complain about taxes and call for more deregulation? Yeah, we’re in this mess because rich people didn’t have enough tax breaks and banksters didn’t have enough carte blanche during Bush. Give me a good goddamned break.

    1. Scot, that’s my question. Whether or not Doyle’s Act 255 was in place for 2 years or 10 years, they are in existence NOW, so do the Dems plan to repeal them for everybody or just beat up on one GOP candidate for taking advantage of them? I don’t know about you, but I will be using every legal tax break come this tax season.

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