Terrence Wall Pays Zero Taxes, Promotes Tax Shelters, Proposes Tax Increases on Middle-Class
MADISON – After being exposed by the media and ridiculed by right-wing radio hosts for paying zero in state income taxes in 9 of the last 10 years, multimillionaire Terrence Wall is using his monthly soapbox, in the pages of In Business magazine, to sing the praises of tax shelters, loopholes and accounting gimmicks.
In his column, Wall writes how he “can personally testify” to the success of certain credits that have allowed him to pay zero state income taxes in 9 of the last 10 years. He also points out that many people, like himself presumably, “find ways to shelter their income from the taxman.”
“Unlike Mr. Wall, business owners and everyone else pays their taxes,” said Mike Tate, Chairman of the Democratic Party of Wisconsin. “But it seems like there’s one set of rules for Wall, and another set for the rest of us.”
Opposes Tax Cuts for Small Businesses and 95% of Wisconsinites
Wall writes that, “The Obama administration and Congress need to reduce taxes to kick start the economy,” but he opposed the American Recovery and Reinvestment Act which provided tax incentives for Wisconsin small businesses and $1.2 billion in tax relief to 2.2 million working Wisconsin families who need it. The GOP primary candidate also opposed the bipartisan Jobs Bill that was passed last week and signed by President Obama that provided $18 billion in tax breaks.
Supports Tax Cuts for Wealthy
Wall argues for a return to the economic policies of George W. Bush that provided irresponsible tax cuts to the wealthy that weren’t paid for, increased the deficit and didn’t create jobs. He also advocates for eliminating the “Paris Hilton Tax,” a tax on inheritance for super-wealthy people like himself that would help to reduce the deficit.
Proposes Tax Increases on Middle-Class
If that wasn’t enough, Wall’s tax plan is to raise taxes on the middle-class. Wall has proposed a “flat tax” when even the original authors of the idea freely admit that “a flat tax that raises the same revenues cannot fail to shift a significant portion of the tax burden from the rich to the non-rich.” (Economic Policy Institute Issue Brief, Falling Flat: The Dubious Case for the Flat Tax).
Robert McIntyre, Director of Citizens for Taxpayer Justice has said, “It is suspicious that the flat-tax “reformers” generally target some or all of these mainly middle-class deductions for elimination while vastly expanding other loopholes for those at the top of the income scale.” (Robert S. McIntyre, Director, Citizens for Taxpayer Justice, Flat Wrong)
“Wall pays zero taxes, and that’s not enough for him,” Tate said, “He wants the wealthy to get more tax cuts and while Wisconsin families are struggling, he is proposing to increase their taxes.”