The news just keeps getting worse for Madison developer Terrence Wall, one of the Republican candidates vying to unseat Sen. Russ Feingold in November.
First came news that the multimillionaire didn’t pay state income taxes in four of the last five years.
Then it was revealed that he didn’t pay state income taxes in 9 of the last 10 years.
Now, Wispolitics is reporting that Wall didn’t pay state income taxes in 12 of the last 15 years.
Wall’s campaign spokesman continues to assert to Wispolitics that “Terrence and his companies pay millions of dollars of taxes right here in Wisconsin” and that investment tax credits and depreciation account for his barely existent tax liability.
Umm… this is a problem.
Wall is worth between $58 million and $100 million, and earned more than $2.6 million in 2008-2009.
There’s nothing wrong with being successful, but is he paying his fair share? Or are Wisconsin residents underwriting his businesses while he reaps the rewards?
The campaign won’t release documentation showing that Wall’s companies have paid taxes in Wisconsin. And Wall’s personal tax liability has been pretty light, to put it mildly.
Yet Wall has attended an anti-tax Tea Party bonfire (here's some video) and his campaign platform is all about reducing the “tax burden on small employers and entrepreneurs.” Looks like he knows a lot about that, actually.
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If Wall wants to survive the primary, he needs to stop the steady drip of bad news before it completely consumes his campaign. Release the tax returns heck, just release the taxes paid by the companies, without detailed information that could aid their competitors. Wall is learning a tough lesson about being a public servant the public has a right to know, especially when our money is at stake.
