The AP has a story on multimillionaire “people’s man” Terry Wall’s announcement of candidacy for the U.S. Senate. This is the same man who failed to get elected to the prestigious Maple Bluff board of trustees. Wall expects that by spending millions of dollars from his own tax-evading pockets—and by milking rich donors for his Insider’s Club—he can unseat the popular incumbent U.S. Senator Russ Feingold.
Wall is by no means “one of us.” He has no interest in helping us. Take a look at the tricks he uses to get out of paying taxes:
• Wall had 2+ acres of prime commercial development land rezoned as “agricultural” land. Thus, its tax value dropped by almost $35,000 to just $600. While I remember when this land was in fact farm land, it is now in the center of a new high-end shopping district. Decomposing pumpkins were the only sign of agriculture there last year.
• Wall’s company is physically based in Middleton, Wisc., just around the corner from the “pumpkin patch.” However, the company’s principle office is located Wilmington, Delaware—allowing the company to escape paying taxes.
• Terrence Wall has a total of SIXTEEN corporations set up in Delaware, all to exploit the tax loophole. According to Blogging Blue, stunts like this cost the state of Wisconsin an estimated $80 million annually in corporate tax revenue. Is it any wonder that our state is in a deficit?
• And of course, Wall has not paid income tax in Wisconsin in four of the last five years. — BZZT! — the past decade. How you can do this, and still write your campaign a check for $275,000.00, is beyond me.
With tax dodgers like this in Wisconsin, just imagine what he could do in Washington, D.C.!
Also: that other emily has a great post on this. Thanks!