Terrence Wall, writing for In Business Madison:
Did you know that in 2009, state income tax revenue fell by 11% as a result of increasing taxes? The lesson is that higher tax rates equal lower tax revenue.
Wall is making the case that declining tax revenue in 2009 had nothing to do with the worst economic downturn since the Great Depression. Any economic misfortune that took place in Wisconsin, he claims, must have been a result of state income tax increases. Lesson learned. And to think that people actually pursue degrees in economics. TWall will tell you everything you need to know about creating prosperity in less than a paragraph.
With all seriousness, it is one thing for a man's wealth to insulate him from the economic realities most other people face on a daily basis. However, you have to wonder, if Terrence Wall never noticed the subprime mortgage crisis, who exactly has been running his real estate business?
On Facebook, Scot Ross of One Wisconsin Now makes a keen observation: "Perhaps revenue would have gone up if TWall or his businesses paid state taxes."
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