Why won’t Tommy Thompson release his tax returns? Because he’s a millionaire!

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.


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8 thoughts on “Why won’t Tommy Thompson release his tax returns? Because he’s a millionaire!

  1. Toomy being a milliionare isn’t new news. So my guess is there’s another reason as in making money on something that would be considered controversial to either the Republicans or independents.

  2. ATTENTION LIBS: Tammy Baldwin’s net worth is in the millions. I guess you have to vote against her now because she’s a millionaire, white, politician out to steal from the poor.

    1. Wrong.. “Her latest report, filed in May and covering the year 2010, showed her net worth at between $169,000 and $960,000. Her investments are in a blind trust.”

      While we’re at it, tell me the difference between “net worth” and “income tax”.

  3. NS- You are completely missing the point. It’s no secret that Tommy T is a millionaire. It’s his refusal to release his tax returns, the lack of transparency that is the issue. And it’s a big one.

  4. I think Tommy should release his tax returns. I have a feeling his “lobbying” activities are a little sticky and may turn off Tea Party types. That being said, why are Thompson’s…or Romney’s…or Ryan’s tax returns relevant, but Obama’s college records/transcripts are off-limits?

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