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
