Thursday, August 31, 2006

The Real Bob Corker On Taxes

Bob Corker has lied throughout this entire campaign about his record on taxes. He tries to portray himself as a fiscally responsible leader who has a record of cutting taxes.

However, all that is nothing but a lie! Below is Bob's real record on everything related to taxes:

Bob Corker has raised local taxes when he was Mayor of Chattanooga. He raised property taxes by 24 percent and he worked with Governor Don Sundquist to create a new hotel tax for the city of Chattanooga.

Bob Corker has avoided paying federal income taxes. In 1985, Mr. Corker reported $325,000 of taxable income 11 times more than the average Tennessee taxpayer and he paid no federal taxes. In 1989, Mr. Corker reported $339,000 of taxable income 11 times more than the average Tennessee taxpayer and, again, paid no federal taxes.

Bob Corker has failed to pay state taxes. In 1984, while Mr. Corker was the registered agent for Amnicola Associates, Inc., the Tennessee Secretary of State revoked Amnicola’s corporate charter because it failed to pay its state business taxes. In 2003, Mr. Corker's Corker Properties was the General Partner of Corker-James Limited Partnership, and, once again, the Tennessee Secretary of State revoked the corporate charter of the company because it did not pay its state business taxes. (see documents attached)

Bob Corker has refused to release his federal income taxes, which detail how he made more money as mayor of Chattanooga than in the previous 24 years combined and how he avoided some or all of his tax obligation for many years.

And, of course, Bob Corker has never cut a tax.

This is what we know about Bob Corker and taxes.
  • He has never cut taxes -- not ever. He only raised them when Mayor of Chattanooga, and he did nothing to forestall the financial collapse of Tennessee state government when he was Governor Don Sundquist's finance commissioner.

  • He has manipulated the tax code to avoid paying federal income tax in two separate years, while making more than 11 times the average Tennessee taxpayer.

  • His businesses have failed to pay their state taxes on time, or altogether, despite Mr. Corker's extraordinary personal wealth and income.

  • Mr. Corker’s character has been challenged by Tennessee newspapers and non-partisan watchdog groups during this campaign. His history of raising, avoiding and failing to pay taxes only raises further questions about his character. One thing he has been honest about is that he has not cut taxes.

  • Mr. Corker is a very wealthy person. He is estimated to be worth a quarter billion dollars. He made more money in four years as Mayor of Chattanooga than he did in the previous 24 years combined. Yet he won’t release his tax returns, he has avoided paying federal taxes, and his companies have failed to pay state taxes on time--or at all.

When it comes to playing by the rules, Mr. Corker doesn’t believe they apply to him.

Statement of Michael Powell, Senior Advisor to the Ford campaign:

“Bob Corker has an infamous history with taxes. He has raised them. He has never cut them. He has avoided paying them when he made hundreds of thousands of dollars in income by manipulating the tax code. And now we know his businesses have failed to pay taxes on two separate companies he owned even though he personally is worth a quarter billion dollars.

“Bob Corker is a politician businessman who thinks he can make millions of dollars and not pay his fair share of taxes, even while he raises the taxes of others. Tennesseans go to work everyday, work hard, and pay their taxes. They wonder why Bob Corker thinks he’s above them.”