Russ Feingold's Multi-Millionaire opponent Pays ZERO Taxes In Last 10 Years

[Dinger]

ands says that is fine. wall-A is a pos.

http://www.jsonline.com/news/wisconsin/84423577.html

"Washington - Republican developer Terrence Wall is a millionaire many times over. His net worth: between $58 million and $130 million. His income last year: between $2.3 million and $14.2 million.

The amount of state income taxes he's paid to the state of Wisconsin in nine of the last 10 years: $0."

[Sugarcoated]

1. How is it looking in Wisconsin for Russ?

[smoogatz]

14. Russ is the most popular political figure in the state.

He eviscerated the last poor stooge that ran against him, and this guy won't do much better. This zero state taxes thing isn't going to sit well with cheesehead voters, either. Even if it's all legal and above-board, it's still going to sound like a rich guy who's taking advantage of the system while state employees are taking unpaid furloughs and UW-system tuition is going through the roof. He pays nothing, and the rest of us carry the load? That's not going to sit well at all.

[Winterblues]

I guess tax cuts are not a big issue for him then...

Apparently he doesn't pay any so why bother cutting any...

[sakabatou]

2. Someone's going in the slammer for owed back taxes...

Unless... him paying no taxes is correct on his state's tax code.

[Dreamer Tatum]

11. Did you bother reading the article? nt

[sakabatou]

17. Did you have to come off like jerk

And yes, I read the article, but missed something. He's legit, but it's still outrageous.

[Bitwit1234]

3. So how is that going to fly with

all the poor and middle class who have to pay their taxes.

[bridgit]

4. Have Mr. Wall step forward, he can buy the next round *&* pay the piper cause he's due

[Mojambo]

5. That's going to make a pretty effective political ad. n/t

[DJ13]

6. He's (another) poster child for the reasons the government wants to

cut entitlements for the poor, and the aged.

The soulless greedy wealthy make me sick.

[alp227]

7. Isn't there a street in NYC named after Feingold's opponent?

Just askin'.

But K&R. I sure hope that the people of Wisconsin come to their senses and vote for the good man Feingold not a greedy overpaid Republican who doesn't seem caring about the average joe out there.

[Don Caballero]

8. We cannot afford to lose Mr Feingold

Hope the Badgers vote him in again. He is one of the true deserving politicians in America.

[xchrom]

9. Well I certainly hope this makes it into

The campaign.

[cascadiance]

10. Corporatist Welfare Cheat!!!

[cbdo2007]

12. They should definitely have an auditor look into this.....

I understand his argument (though I do NOT agree that it is fair) that he can use certain business "losses" to negate the "income" he received during the year...any of us can do that...

but he is obviously getting money elsewhere for living expenses or something? So he shouldn't be able to take his business losses against his income unless he is just part of a LLC? I don't know, but even following the tax code, there has to be something he's doing that isn't right.

How is "depreciation" on properties figured? If it's based on prices during the bubble or now, that could be a huge amount? Hmmmm, just brain storming here on how we can get this guy.

[sinkingfeeling]

15. I just read the entire tax publication 925 and filled out a form 8582 both which deal with

the passive activity and at-risk rules of investments, including real estate. I own a single rental house and had other wages and income totaling less than $100,000 and paid about $13,000 in federal taxes. This guy gets millions in salary and has multi-million dollar investments, yet


Wall paid no federal income tax in 2008, because of $3.8 million in business and real estate accounting losses even though he made $2 million in wages, interest, dividends and capital gains that year, according to the 1040 form on his federal tax return. He paid $19,276 in federal income taxes in 2007.

You can take your 'losses' from your investments against your income.

Depreciation is based on an adjusted cost base across 27.5 years from the date the property was put into 'service'.

[reformist2]

13. We need to tax net worth.

[sinkingfeeling]

16. I don't think so. That places the tax burden on older citizens that have worked their lives

to buy a home, set up retirement, etc. Of course, I guess we could all take out new mortgages and run up hundreds of thousands of dollars in debt so we wouldn't have a positive net worth.