Why won’t former Wisconsin governor Tommy Thompson, the Republican nominee for the United States Senate, release any of his tax returns?
Because his tax returns would make it clear that the “Boy from Elroy” has become the “Millionair from the Beltway.”
In January, Thompson disclosed assets of at least $13 million in his Senate financial statement. He also disclosed more than $5 million in income since January 2010.
The disclosure statement also details income from various sources, including nearly $3.1 million from the sale of Logistics Health Inc. of La Crosse, where he served as chairman; speaking and directors’ fees; and payments from a Washington, D.C., law and lobbying firm.
In addition, the Journal Sentinel received tax information from the state Department of Revenue based on Thompson’s state return.
It showed net state income tax paid of $490,604 in 2011 and $50,992 in 2010.
Based on this, Thompson’s taxable income could be calculated at about $6.3 million in 2011 and $657,961 in 2010.
The fact is, for all the criticisms that have been leveled at Eric Hovde because he was an out-of-state multimillionaire, Tommy Thompson is no better. Since leaving Wisconsin to go to Washington, D.C., Thompson has made millions upon millions of dollars as a lobbyist and D.C. insider, and the Tommy Thompson of 2012 bears little resemblance to “The Boy From Elroy” that served as Wisconsin’s governor for over a decade.