A WALK DOWN WALL STREET
“Successful businessman and Job Creator” Loses $3.8 million, Lays off workers…Makes $2 million?
MADISON—The Milwaukee Journal Sentinel reported today that in 2008 multi-millionaire real estate developer Terrence Wall paid no federal income tax while making $2 million. According to his 1040 form on his federal tax return, the self-proclaimed “successful businessman” reported “$3.8 million in business and real estate accounting losses.”
This news of Wall’s business losses comes on the heels of Wall admitting to WIBA radio host Mitch Henck last week that the self proclaimed “job creator” laid off 15 workers, going from 50 employees to 35.
“Terrence Wall is trying to sell voters a classic Wall Street tale- lose money, lay people off and make money,” said Mike Tate, Chairman of the Democratic Party of Wisconsin, “It is a tall tale that voters won’t buy.”
The Milwaukee Journal Sentinel report also confirmed what has previously been reported:
“Republican developer Terrence Wall is a millionaire many times over. His net worth: between $58 million and $130 million. His income last year: between $2.3 million and $14.2 million.
“The amount of state income taxes he's paid to the state of Wisconsin in nine of the last 10 years: $0.”
Charles Franklin, a political scientist with the University of Wisconsin-Madison was quoted as saying, “It doesn't pass the smell test with voters.”