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Posted: Thu 7:01 AM, May 31, 2012
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Richest Woman In Wisconsin Owed No State Taxes In 2010

Posted Thursday, May 31, 2012 --- 7:00 a.m.

BELOIT, Wis. (AP) -- A Beloit billionaire who is Gov. Scott Walker's largest campaign donor owed no state taxes in 2010 because of a change in her corporation's structure.

State Department of Revenue records show Diane Hendricks' tax obligation dropped from $2.2 million in 2009 to zero in 2010. Hendricks owns ABC Supply Inc., the nation's largest wholesale distributor of roofing, windows and siding. Records show Hendricks had a seven-figure tax bill in four of the previous five years.

Hendricks is a financial supporter of conservative causes and has given Walker's campaign more than $500,000. ABC Supply's tax director Scott Bianchini tells the Journal Sentinel (http://bit.ly/KyJ792 ) the company changed its structure so the profits and the tax obligations stay with the company, not with Hendricks.

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Information from: Milwaukee Journal Sentinel, http://www.jsonline.com

Copyright 2012. The Associated Press.

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  • by JP Location: Madison on Jun 19, 2012 at 11:57 AM
    DP - Corps DO pay taxes, ALL of them do. All they did is shift the tax burden to the company rather than the direct owner. It's also not any different than it has been for several years prior to Walker being gov, so this really can't be tied to his doing!
    [ Report Abuse ]
  • by dp on May 31, 2012 at 09:45 AM
    Well yes they are. But you also have to remember that Corps don't pay taxes anyway. None of them do. The board sets up the fiscal year looking to make a 5-8% profit for the company. Any tax burden gets passed on to the consumer. The only difference is when companies like GE get welfare support from the Fed and don't have to pay any tax on their profit and don't pass along those savings to the consumer.
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  • by Name Location: Location on May 31, 2012 at 09:42 AM
    She is associated with Scott Walker, of course she is dirty.
    [ Report Abuse ]
  • by guest Location: Location on May 31, 2012 at 09:40 AM
    No. the only taxes that are paid are those by the consumer.
    [ Report Abuse ]
  • by David Location: Madison on May 31, 2012 at 09:13 AM
    The "whole story" is the rich keep getting richer. I thought our state was struggling so much because all those union types...riiiight. What is sad is that all of the middle-income Walker supporters don't realize they are next. He is clearly looking out for those who are padding his legal defense fund.
    [ Report Abuse ]
  • by Duffie Location: Janesville on May 31, 2012 at 07:18 AM
    Tell the whole story? If the company keeps the profit I believe taxes are still paid on the money aren't they???
    [ Report Abuse ]

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