In Pennsylvania, millionaire Secretary Tom Wolf today once again broke his promise to the media to release his corporate tax returns as he stated he would in February. The Corbett-Cawley campaign has been pressuring Wolf to release his corporate taxes to prove that he is paying his fair share of Pennsylvania taxes and not taking advantage of the Delaware loophole that he is campaigning against.
“Secretary Tom Wolf wants us to take him at his word that he’s not taking advantage of the Delaware loophole to avoid paying his fair share of Pennsylvania taxes, but if he is willing to lie to the media about something as trivial as releasing his corporate taxes, then what else is he lying about,” stated Communications Director Chris Pack. “Secretary Tom Wolf needs to just go ahead and release his corporate tax returns because each and every hour he continues lying and hiding from the media, he loses more and more credibility as someone who can be trusted to run a state with 12.7 million people.”
The Corbett-Cawley campaign has been pressuring Wolf to release his corporate taxes to prove that he is paying his fair share of Pennsylvania taxes and not taking advantage of the Delaware loophole. As reported today by Marc Levy of the Associated Press, “The Wolf campaign says it won't provide proof of the company's tax payments.”
Wolf has tried pushing back against the Corbett-Cawley campaign’s claims that Wolf is dodging paying his fair share of Pennsylvania by stating that he’s registered to pay taxes in 28 different states – which is not something the Corbett-Cawley campaign ever disputed. What the Corbett-Cawley campaign has asserted is that Wolf is not paying his fair share of Pennsylvania taxes because he incorporated his company in Delaware to get a lower Pennsylvania tax rate.
In addition to telling the AP’s Marc Levy today that he would not release his corporate taxes, he said the same to WHYY’s Dave Davies. On Friday, when asked by WHYY NewsWorks’ Dave Davies to release his corporate tax returns to prove that he is not taking advantage of the Delaware Loophole, the Wolf campaign stated that “they are a private company and will not be making any further information available.” However, in February, when Davies asked Wolf if he would release his corporate tax returns, Wolf responded with, “yes, absolutely.”
Wolf further elaborated, directly contradicting his argument on Friday regarding their privately held status by stating, “We’re a private company but I’ll share whatever people like you want me to share – my personal tax returns, the company information, I’ll be happy to share whatever anybody wants to see, that’s been my practice throughout my business career.”
In his campaign platform, “A Fresh Start,” Wolf pledges to close the Delaware loophole.
For a link to the State of Delaware’s Certificate of Incorporation for The Wolf Holdings Organization, Inc., please click HERE.
For a link showing The Wolf Holdings Organization, Inc. being incorporated in Delaware on April 21, 2006, prior to Wolf’s partial sale of the company on May 5, 2006 to the SERS-backed Weston Presidio investment firm, please click HERE.
Below is a verbatim transcript between Dave Davies and Secretary Tom Wolf from WHYY Newsworks and the Philadelphia Business Journal 2014 Gubernatorial Forum on February 5, 2014. During this forum Wolf gives Davies his word that he will release his corporate taxes. Click HERE to view the video.
Dave Davies: “It’s a convention of modern campaigns that candidates release their tax returns so that people can understand something about their personal finances. I want to ask you specifically about your family business which is an important part of your personal narrative and an important qualification in your campaign materials – the fact that you retooled and kept the jobs in Pennsylvania, that you provide health care for your employees and share 20 to 30 percent of the profits with the employees. So, my question is, are you prepared to share with the media tax returns or other documentation that will independently confirm these important details about the business?"
Secretary Wolf: "Yes, and thank you so much for giving my campaign pitch on the 20 to 30 percent, I appreciate that. Yes absolutely."
Davies: "That’s it, okay. Swell! We’ll move right along, but just to follow-up, what are you going to show us? What will tell the story? I checked the SEC, I don’t know if you filed…"
Secretary Wolf: "We’re a private…we’re a private company but I’ll share whatever people like you want me to share – my personal tax returns, the company information…I’ll be happy to share whatever anybody wants to see, that’s been my practice throughout my business career."
For more information on the Corbett-Cawley campaign for a stronger Pennsylvania, visitwww.tomcorbettforgovernor.com.