The AP is reporting that Madison business magnate and U.S. historian Terrence Wall is stepping out of the spotlight, citing a slow start “after reports that he had not owed any income tax for nine of the past 10 years.” But wait, there’s more! Here’s a recap of Wall’s record.
Wall paid no net income taxes in nine of the last ten years
The tax documents obtained from the state by the Wisconsin State Journal independently confirm records released last week by the liberal group One Wisconsin Now. The documents indicate Wall, a prominent local real estate developer, paid no net taxes from 1999 to 2008, except in 2005. [Wisconsin State Journal]
Wall’s Business: $25-50 Million in Assets Ten-Year State Income Tax Bill: $0
The “T Wall Properties Master Limited Partnership” business listed on Madison developer Terrence Wall’s Senate candidate financial disclosure report has paid no net state income taxes in the last 10 years. [One Wisconsin Now]
Wall’s ‘Pumpkin Patch’ Looks Like a $34,000 Tax Loophole
Wall Land Investment, LLC, one of multi-millionaire Madison developer Terrence Wall’s companies, has reclassified $2 million in prime Dane County commercial real estate into “agriculture” property, which allows the company to eliminate $34,000 in local property taxes. [One Wisconsin Now]
Wall Blames Great Depression on FDR
Wall claims that Franklin D. Roosevelt was responsible for the Great Depression, despite Roosevelt taking office over three years after the Depression began and enacting policies which lowered the unemployment rate from 25 percent in 1933 to 10 percent by 1937, saving the U.S. from economic collapse. [One Wisconsin Now]
Did Wall Create Delaware ‘Office’ to Avoid State Tax Responsibility?
Critics are already questioning Wall for registering much of his business activity in Delaware… “There is no evidence that Mr. Wall actually builds anything in Delaware… “It would appear his only Delaware construction project was building a shelter to dodge his obligation to Wisconsin taxpayers.” [Capital Times]
More fun/upsetting stories here.
And, for funsies, my favorite Terrence Wall nicknames:
T. Dubya and Terrence Wall Street… any others?