NEW REPORT: Wall Paid No State Income Taxes 12 of Last 15 Years
Wall also refuses to provide documentation for tax-dodging practices
Madison, WI – When multimillionaire, real estate magnate Terrence Wall officially launched his Republican primary campaign for U.S. Senate the week of January 18, news reports revealed that he didn’t pay any state income taxes for four of the last five years. That same week, a second report surfaced showing Wall didn’t pay any state income taxes for nine of the last 10 years. Now, a follow-up report by Wispolitics.com has revealed that Wall hasn’t paid any state income taxes for 12 of the last 15 years.
According to the Department of Revenue, Wall only paid state income taxes in 1994, 1996 and 2005. While Wall has not denied the fact that he has repeatedly paid no state income taxes, his reasons and answers for why he doesn’t pay, and doesn’t owe state income taxes has changed over the last two weeks.
According to the latest Wispolitics report, the Wall campaign was given the opportunity to provide supporting documentation that explains Wall’s tax avoidance but “Wall’s campaign turned down [those] requests…”
“The tale of Terrence Wall’s tax-dodging grows with every passing week,” said Mike Tate, Chairman of the Democratic Party of Wisconsin. “His many explanations as to why he gets away with not paying state income taxes don’t add up – and when given the opportunity to set the record straight, he avoids doing that as well. Why does Terrence Wall believe there is one set of rules for him, and another for the rest of us?”
Wall’s Tax Trouble Trail
On Friday, the Wisconsin State Journal independently confirmed that Wall had not paid taxes for nine of the last ten years.
Previous news reports indicate Wall has also dodged over a hundred thousand dollars in property taxes by claiming commercial land he owns in the Madison area is for “farming.” The most infamous is a supposed “pumpkin patch” located in the heart of Wall’s Middleton development projects.
As the Capital Times reported, “The law has shifted millions in property taxes from farms to other types of property, including homes and businesses. Wall has tried claim that it’s the same thing as taking a “home mortgage deduction,” but that’s simply not true. Regular Wisconsinites don’t have a loophole that allows them to take a property tax deduction for their backyard vegetable and Mr. Wall doesn’t call a pumpkin patch “home.”
In a recent interview with Wisconsin Eye, Wall claimed to have only four companies registered in Delaware when public records indicate that at least 16 of Wall’s businesses are incorporated in Delaware, not Wisconsin. The media has reported that the practice is used “to help corporations avoid paying taxes in other states,” and that it is “an alleged ruse,” where Delaware acts as an “onshore Cayman Islands.”
