MADISON, Wis. — Unlike the millions of Americans whose incomes were adversely affected by the collapsing economy due to the failed policies of George W. Bush, former Gov. Tommy Thompson appears to have earned more in 2008 than any previous year, according to figures obtained by One Wisconsin Now from the state Department of Revenue.
“Congratulations to Gov. Thompson for not only weathering the economic collapse but also having his most profitable income year ever,” said Scot Ross, One Wisconsin Now Executive Director. “Those who said the economic collapse was only good for Wall Street bankers owe Tommy Thompson and his benefactors in the health industry an immediate apology.”
Thompson, who served as Governor from 1987 to 2001 and as U.S. Department of Health and Human Services Secretary from 2001 to early 2005, appears to have dramatically increased his income immediately after leaving the government, according to his net tax records filed with the state Department of Revenue.
Thompson’s federal financial disclosure statement from his last year as a Bush cabinet secretary put his net worth at between $1 million and $2.5 million. Documents filed in conjunction with his abbreviated presidential run showed Thompson’s income in 2006 was $4.6 million. In both of these years, Thompson’s reported net tax was proportionately much lower what he reported for 2008. The dramatic rise in Thompson’s net tax is shown in the following table:
As the data shows, Thompson’s net tax from 1999 to 2004 ranged between $9,231 and $18,315, the lowest year of net tax being in 2004. For the years immediately following his service in the Bush Administration, Thompson’s net tax went up exponentially.
A 2007 review by the Milwaukee Journal Sentinel, showed nearly two dozen enterprises in which Thompson had become involved since leaving the Bush administration. Thompson has cashed in on his public service and has been involved in a numerous of health industry-related operations and other enterprises.
He has served as the president of Logistic Health Incorporated, chair of the Deloitte Center for Health Solutions and senior partner at the Akin Gump mega-law firm. Thompson has been a board member at Applied Digital Solutions, home of the controversial epidermal micro-tracking chip, as well as on the board of Pure Bioscience Incorporated and as a senior advisor of Capital Partners of McKinley Reserve.