Terrence Wall Trumpets Own Tax-Dodging?
MADISON – To the surprise of many, multimillionaire, real estate magnate and tax-dodger Terrence Wall actually sent out a press release today highlighting the fact that he hasn’t paid state income taxes in nine of the last 10 years.
In a pathetic attempt to criticize Senator Feingold for his support of a bipartisan jobs bill that “gives [Wisconsin] employers tax credits for new workers,” Wall trumpeted his history of tax avoidance and, at the same time, refused to take any position on the bipartisan jobs legislation currently making its way through the U.S. Senate.
“Unlike Mr. Wall, business owners across Wisconsin, who are in a position to take advantage of tax credits or incentives that Senator Feingold has fought for, actually pay their taxes,” said Mike Tate, Chairman of the Democratic Party of Wisconsin. “It seems that Terrence Wall will actually talk about anything – including his long, detailed history of tax avoidance - to avoid telling us how he would vote on the issues that matter most to the people of Wisconsin.”
In a recent interview with WIBA radio host Mitch Henck, Wall, the self-proclaimed “job creator,” admitted that he has laid off 15 workers, going from 50 employees to 35.
All while reports continue to surface about Terrence Wall not paying state income taxes year after year. The latest report from the Milwaukee Journal Sentinel millionaire 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.”
Facts on Senate Jobs Bill
- Tax credits for small businesses who hire new workers – similar to the legislation Senator Feingold proposed that cuts taxes for all businesses that are committed to hiring more workers.
- A $13 billion Social Security tax break for businesses
- Allowances for businesses to write-of legitimate business expenses, including equipment
- Crackdowns on off-shore tax shelters (Unfortunately, the bill did not crack down on Delaware tax shelters.)
What Others are Saying
- The bill passed with bipartisan support – namely that of newly minted Senator Scott Brown (R-MA) who said “It is the first step in creating jobs, not only for the people of Massachusetts but for the people of the country.”
- Wall continues to try and tie himself to Senator Brown during nearly every interview.
- Senator Kit Bond (R-MO) supported the bill and said the legislation “is critical to protecting workers and our economy.”
- Susan Collins (R-ME), Olympia Snowe (R-ME) and George Voinivich (R-OH) joined with Senator Feingold in support of the jobs bill.
- Mark Zandi, chief economist and cofounder of Moody's Economy.com and an economic advisor to Senator John McCain’s (R-AZ) 2008 presidential campaign, believes the jobs bill could create more than 300,000 jobs.
- The nonpartisan Congressional Budget Office say the Senate Jobs Bill would “save or create as many as 234,000 jobs.” (BusinessWeek, February 23, 2010) and estimates closing the tax shelter loophole “would lead to $8.7 billion in savings over the coming decade.”