T. Wall Announces Run for Senate

Middleton, WI—Terrence Wall announced that he has filed papers to run for the Wisconsin seat in the United States Senate (2010).  Wall is a Wisconsin-raised, self-made entrepreneur who started from nothing and built a number of successful businesses.  He is the founder of T. Wall Properties, a builder of office properties headquartered in Middleton, Wisconsin and is considered an expert in economic development and job creation.  Wall also founded the DaneVest Tech Fund, an investment capital fund that specializes in advising and providing capital for Wisconsin based technology start-ups so that they can grow and still remain in Wisconsin.  Wall also formed The Wisconsin Foundation, a non-profit foundation specializing in philanthropy and training and assisting other non-profits in how to conduct capital campaigns for special projects.

Wall has been a significant contributor to charities in Wisconsin, including the new American Family Children’s Hospital, the Henry Vilas Zoo, the Salvation Army, St. Vincent DePaul, the Madison East Side Community Center, and the Boy Scouts of America.  (Wall is an Eagle Scout.)

1. Unfortunately, Mr. Wall ran for Maple Bluff village board this past spring and lost. 

   I think he would make an excellent United States Senator. 

   I don’t think he took the spring campaign seriously enough, but I voted for him!

   Just remember, Proxmire lost a handful of campaigns before being elected US Senator.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 1536 hrs




2. Address Used by T. Wall Properties Featured in NY Times Article about Tax Dodging

   Madison—The Delaware address of the “principal office” of T. Wall Properties, LLC, a business owned by Wisconsin developer Terrence Wall, is the same address the New York Times said is used specifically “to help corporations avoid paying taxes in other states.”

   “There is no evidence on Terrence Wall’s business website that he builds anything in Delaware,” said Scot Ross, One Wisconsin Now Executive Director. “It would appear Terrence Wall’s only Delaware construction project was building a shelter to dodge his obligation to Wisconsin taxpayers.”

   According to the company’s website: “T. Wall Properties is a Madison-based, award winning commercial real estate development firm that owns more than 2.4 million square feet of space and over 750 acres of land making the company one of the largest developers in the State of Wisconsin.” The site for T. Wall properties lists 13 developments in the Madison area and two developments in Mesa, Arizona. There are no properties listed for Delaware.

   Records filed by Wall with the Wisconsin Department of Financial Institutions list a Middleton, Wisconsin address for his local address, but also list the company as a “Foreign Limited Liability Company” with a principal address at 1209 Orange Street, Wilmington, Delaware.

   Tax experts interviewed in the Times’ article believe non-Delaware businesses used the 1209 Orange Street address to dodge their state taxes. Tax watchdog and expert Professor David Brunori said in the article, “It is a vehicle for avoiding otherwise legitimate tax liabilities at a time when states need money badly.”

   Wisconsin has taken steps to close corporate loopholes which have cost the state hundreds of millions of dollars, including the so-called “Las Vegas Loophole.” The “Las Vegas Loophole” involved companies establishing a phantom “headquarters” in a state without state corporate income taxes, like Nevada and Delaware, allowing them to avoid paying state corporate income taxes. The loophole lost Wisconsin an estimated $80 million annually.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 1636 hrs




3. T. Wall is now a struggling farmer.

   Wall Land Investment, LLC, one of multi-millionaire Madison developer Terrence Wall’s companies, has reclassified $2 million in prime Dane County commercial real estate into “agriculture” property, which allows the company to eliminate $34,000 in local property taxes. Wall is already under criticism for using a Delaware post “office” box to possibly avoid paying Wisconsin business tax.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 1639 hrs




4. geez Pat,

   Do you know how many Wisconsin companies…  Hell, do you know how many companies nationwide incorporate in Delaware because their local state laws are so not business-friendly.

   My own NC company is incorporated as an LLC in Delaware.

   You’d be shocked.

   Maybe if WI wasn’t so hostile to businesses then that practice would ease up a bit.

   If this is the best you guys got.  It ain’t much.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 1934 hrs




5. I guess it’s up to us Average Joe Sixpack schmucks to make up the difference for what you don’t pay then.  We aren’t lucky enough to use loopholes like you can.

   Have you also reclassified any commercial real estate into “agriculture” property too to escape paying taxes.  God, you rich have it so lucky.  I wish I could be as ethically savy as you.

   Oh, and by the way, I don’t understand what you mean by, “the best you guys got.”  I don’t know who the you guys are your lumping me in with.
   I don’t follow the left or the right as I’m a free thinker.  I guess I can be lumped in with a bunch of other regular people as just an American.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2031 hrs




6. And Neomom, or what ever your real name is, I highly doubt that it would make any difference to you or anyone else if ” WI wasn’t so hostile to businesses”, you guys would still try everything under the sun to skirt paying taxes and would leave it up to the rest of us schmucks to carry the weight.

   And no doubt you are one of the people who are complaining that you can’t afford 31 cents a day increase in school spending because your being taxed to death and the economy is wrecking you.  But as a rich person you can still dodge paying taxes.  As a citizen of West Bend all I can say is thanks.  You have much to be proud of.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2039 hrs




7. I’m with you, Pat…

   I think this kind of thing is shameful.  It is appalling that Joe Biden’s home state encourages tax evasion.  How did we ever let that one through our meticulous vetting process for the Democratic President / Vice President ticket in 2008?

   Posted by Roland Melnick on October 25, 2009 at 2132 hrs




8. Right on Roland.  And I thought only Obama hired tax dodgers.  Now I know their all over the place.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2145 hrs




9. Pat obviously is off his/her meds.

   “My” company is the one that I work for.

   And for my being “rich”....  Hahahahahahahahahahaha

   I’m the first in my family to graduate from college. We grew up beneath the poverty level.  Everything I have, I have worked for.  Nothing has been given to me.

   I am currently the “bread winner” for a 1-income family of 4 at the moment.  My spouse is back in school after being unemployed for over a year.

   So save the “I should be resentful of anyone who has more money than me” bullshit.

   I’m not jealous of someone like Mr. Wall that risked much personally and has reaped the reward.  We are building a business plan of our own in the hopes of becoming like Mr. Wall.

   I just hope that Obama and his merry band don’t completely destroy that opportunity.

   Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2150 hrs




10. “now I know their all over the place”

    
    What in the hell do think a 10,000 page tax code and the entire tax accounting industry is for? 

    (Hint - its to help everybody find ways to pay less in taxes)

    If you want to make it more “fair” look into the Fair Tax.

    Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2156 hrs




11. Neomom, insults????? That also speaks volumes.

    Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2203 hrs




12. Roland - you forgot the sarcasm font…  Pat didn’t seem to get it. 

    
    Pat - perhaps I shouldn’t have said “meds”.  Why don’t you go grab one of those beers from that six-pack and sit down and relax a while.  You seem very angry.

    Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2229 hrs




13. It’s big business and the rich that bought and paid for the tax loopholes that benefit them.  By all means let’s elect another rich guy to help enact more laws to help the elite that much more. 

    And flat tax would be more fair the the so called fair tax.

    I’m sorry to hear your husbands one of the unemployed and that he’s doing well.

    Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2234 hrs




14. Pat and neomom’s disagreement aside, let’s get back to something we can all agree upon: Terrence Wall doesn’t have a snowball’s chance in hell of winning next November.

    I can certainly appreciate why one incorporates in Delaware.  Tax avoidance is a little slimy but it’s not illegal.  However, Pat is correct to note that tasty morsel will make a nice 30-second ad.  You can hear the ominous male voice in the negative ad already: “You work hard and pay taxes here in Wisconsin.  So why doesn’t Terrence Wall?”  Or “Our founding fathers fought against taxation without representation.  So why does Terrence Wall believe in representation without taxation?”

    Another 10-point win for Feingold.

    Posted by Recess Supervisor on October 25, 2009 at 2302 hrs




15. Pat -

    You need to look closer at which party most of the “rich” are affiliated with now.  You’d be surprised.

    But I’ll take a self-made “rich” guy.  He knows what it takes.  Unfortunately, we are represented by a “rich” woman who made her fortunes off of Pharma stocks….  Did I mention she’s a Democrat?

    And why isn’t anyone ever angry at the sports or hollywood or entertainment “rich” - only the business owners?  I haven’t seen any calls for Steven Spielberg or Alex Rodriguez or Jon Bon Jovi to cut their earnings.  It couldn’t be because they are all Progressives and voted and fund-raised for Obama, could it?

    I disagree with the flat tax being more fair as it still taxes income (production).  The Fair Tax taxes consumption - no loopholes.  All of those “rich” people pay more because they spend more.  Paris Hilton goes on a spending binge?  Got it covered.  Rush buys a new G5? Bingo!  You get the idea.  The other upside - when people like us are a little short on cash, we can regulate our own taxes.  Unlike now, when even though we are 1-income and I didn’t get a raise this year, our state increases our taxes, leaving us even less. 

    But anyway - I’m an hour ahead of you, so have a good evening.

    Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2307 hrs




16. oh - and RS, you are correct, he doesn’t have a snowballs chance against Feingold.  Which is unfortunate.

    Posted by (JavaScript must be enabled to view this email address) on October 25, 2009 at 2309 hrs




17. “The rich” is not a partisan designation.  Last I remember hearing was that Obama not only received more campaign cash than anyone in history…he had his big fat share of big fatcats backing him.

    @neomom…sarcasm doesn’t translate well in this textual media…it’s why I’m frequently misunderstood!

    Wall probably doesn’t have the proverbial “snowball’s chance” at beating Feingold, but I would LOVE to see this commercial:

    SCENE:  A pretentious office with a wall full of leatherbound volumes.
    (Enter Feingold look-a-like)
    (Cue sombre banjo music—no offense folkbum)
    Fake Russ:  “Hello Wisconsin…I’m Russ Feingold and I’m running for the United States Senate.  I’ve worked hard these last 16 plus years…my fellow Democrats and I, and even a few Republicans, have fought hard to raise the taxes our working families deserve.  Tirelessly…we’ve worked to close loophole after loophole…yet, my opponent (cue canned booing noises) has worked time and again to avoid paying his ever increasing tax bill.  Does he show the class of a Tim Geithner, Tom Daschle or Charlie Rangel and just say “I ain’t payin’!”  No…he has to do it all sneaky like.  Sure, what Daschle and Rangel did was illegal while my opponent (cue booing noises) hasn’t broken the law…but who are we to judge?  I promise to make everyone pay their ever increasing taxes.  I’m Russ Feingold, and I approve this message.”

    Posted by Roland Melnick on October 26, 2009 at 0022 hrs




18. The general public doesn’t draw a distinction between evasion (which is illegal) and avoidance (which is not).  It sees both as an attempt by individuals to avoid paying their fair share.  And since the general public always feels like it’s paying more than it should (even the voters who aren’t paying income tax), there’s no way to win.  What Wall’s done makes good business sense but will go over like a lead balloon with the electorate.

    To his credit, Wall’s a very bright guy, which is clearly reflected in this ‘07 interview in Isthmus and, more recently, in this column for IBMadison.  And I think he fits the mold of what the GOP needs to starting looking for in Wisconsin in order to win - someone who can emphasize taxes and economic development while staying away from the thorny social issues that too often derail the GOP.

    I just think, aside from Feingold’s strength as a candidate, Wall has some baggage that will be difficult to contend with.  I wish that weren’t the case.  Wisconsin’s not well-served by the GOP’s inability to find decent candidates for top-tier races.

    Posted by Recess Supervisor on October 26, 2009 at 0225 hrs




19. I got Roland’s sarcasm.  It was very clear but made absolutely no sense.  I won’t defend a bunch of liberal hogs at the trough either.  As this site is not a liberal site, I leave my debates about their short comings on the liberal blogs.

    As long as you see the problem we have as Republican versus Democrat you’ll never see past your own nose.

    Here is information about Fair Tax not being fair.
    http://www.factcheck.org/taxes/unspinning_the_fairtax.html

    Posted by (JavaScript must be enabled to view this email address) on October 26, 2009 at 0621 hrs




20. Well, if this guy doesn’t have a decent chance (and yes, these business concerns will certainly be brought up), then who is a more viable candidate to run against Feingold?

    Posted by hsgbdmama on October 26, 2009 at 0826 hrs




21. Pat -

    Just so you know, factcheck.org is funded by the Annenberg Foundation.  While old man Annenberg was a conservative, his foundation has been creeping more leftward.  Lots of connections to the public schools (the infamous Chicago Annenberg challenge for example) and universities, giving to NPR, giving to “community organizations”... 

    So they basically support lots of liberal stuff. 

    Not saying what is there is completely inaccurate, just be aware of the bias.

    Posted by (JavaScript must be enabled to view this email address) on October 26, 2009 at 1112 hrs




22. oh - and the Democrats are really the party of the rich now…

    http://www.usatoday.com/news/washington/2009-10-13-H ouse-wealth-gap-Democrats-richest-districts_N.htm

    Posted by (JavaScript must be enabled to view this email address) on October 26, 2009 at 1546 hrs




23. “It would appear Terrence Wall’s only Delaware construction project was building a shelter to dodge his obligation to Wisconsin taxpayers.”

    It would appear that Scot Ross doesn’t know what anything about LLCs.  Shooting his mouth off before he even bothered to look at wikipedia for a basic definition of an “LLC” 

    Notably, one of the key attribute of an LLC is pass through taxation.  In otherwords, an LLC is never taxed whether it is incorporated in Delaware or Wisconsin.  The gain or loss becomes the income of its partners who would claim it on a “K1”  as part of their income taxes.  In other words, as long as Wall is living here, he’s paying taxes on the income from his Delaware LLCs.

    Posted by (JavaScript must be enabled to view this email address) on October 26, 2009 at 2127 hrs




24. Is taxable income only generated by production ?  The massive earnings reported by the big banks which we taxpayers bailed out were not production of anything.  Neither are the huge profits generated by health insurance giants; they produce only profit as middle men for our premiums and as gatekeepers of our ability to stay healthy or not.

    Posted by (JavaScript must be enabled to view this email address) on October 30, 2009 at 1113 hrs




25. Is taxable income only generated by production ?

    No, income is taxable regardless of how its earned.

    Posted by (JavaScript must be enabled to view this email address) on October 30, 2009 at 1319 hrs




26. 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, 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.”

    Posted by (JavaScript must be enabled to view this email address) on October 31, 2009 at 1130 hrs




27. Farmer Wall’s pumpkin farm.
    http://www.flickr.com/photos/onewisconsinnow/sets/72157 622614522546/

    Posted by (JavaScript must be enabled to view this email address) on November 13, 2009 at 0849 hrs