Terrence Wall, Developer/Farmer
Terrence Wall, Developer/Farmer –
A ‘Trick or Treat’ for Wisconsin Taxpayers?
Candidates’ Business Dealings Should
‘Frighten’ Wisconsinites
Madison,
WI – Over the weekend, real estate developer Terrence Wall announced his
intention to run against Dave Westlake for the Republican nomination to take on
Senator Russ Feingold next year. While many know Mr. Wall as a real
estate developer, most were likely surprised to learn that he also runs a
pumpkin farm in the heart of Middleton, WI – or at least that is what his tax
filings would lead you to believe.
According
to a report by One Wisconsin Now, Terrence Wall has dodged over $34,000 in
taxes by claiming that commercial property he owns, that was valued last year
at over $2,000,000, is actually a pumpkin farm. His exploitation of this
tax loophole allowed him to reduce the assessment from $2,000,000 to $600, thereby
reducing the taxes he will pay from over $34,000 to about $10. This
successful tax dodge comes at a time when local communities are struggling
desperately to provide needed services.
“While
Terrence Wall may be having fun masquerading as a pumpkin farmer – not just for
Halloween but year round – he’s playing a nasty trick on Wisconsin taxpayers,”
said Mike Tate, Chairman of the Democratic Party of Wisconsin. “This is a
troubling pattern for Mr. Wall. This provision is supposed to help family
farmers protect their land from developers like Mr. Wall – not be yet another
one of his tax loopholes. I
believe the people of Wisconsin will see through Wall’s mask”
This
farming tax scam comes on the heals of Wall’s efforts to avoid Wisconsin
corporate taxes by incorporating at least 16 of his companies in Delaware – a
practice that, according to the October 2 issue of the Capital Times, “has long been cited by tax equity experts as an alleged
ruse.”
Source: One Wisconsin Now: Terrence Wall's Wall Land
Investment 'pumpkin patch' looks like a $34,000 tax loophole
10/19/2009 http://www.wispolitics.com/index.Iml?Article=173992
