Will Tom Wolf Release His Corporate Taxes?

HARRISBURG — Republican Party of Pennsylvania Communications Director Megan Sweeney released the following statement regarding Tom Wolf’s corporate taxes.

“Tom Wolf has said that he ‘would be happy to share whatever anybody wants to see,’ but he has yet to make his corporation’s taxes open to the public,” Sweeney said. “Tom Wolf is using millions of shares of stock in his corporation as collateral for his multi-million dollar campaign loan. So why won’t Tom Wolf be open and transparent by releasing the corporate taxes of a company that’s helping him run his campaign?

“We know the company had financial problems shortly after he benefited from a sweetheart deal that cost the State Employee Retirement System millions, so how is it doing now? From his various descriptions of the company, it seems as though even Tom Wolf can’t tell how the company is doing financially.

“Pennsylvanians want answers regarding how Tom Wolf will repay the massive loan to his campaign. It’s time for Tom Wolf to come clean and release his corporate tax returns.”

In the morning, Wolf’s business is “modestly profitable”…

On April 4, the Philadelphia Inquirer reported, “With the company’s value still depressed, Wolf acknowledges that though the business is now modestly profitable, he has been in no position to take money out of the company.” (Joseph N. DiStefano, “Behind Tom Wolf’s business success, a more complicated picture,” The Philadelphia Inquirer, 4/4/2014)

Later that day, “it is thriving.”

Later that day, a statement from the Wolf campaign obtained by the Pittsburgh Post-Gazette claimed, “Now the Wolf Organization is not just on solid financial footing, it is thriving. (James O’Toole, “Inky scrutinizes Wolf’s business history,” Pittsburgh Post-Gazette, 4/4/2014)

Wolf Uses Company Stock As Collateral

“Wolf and his wife, Frances, guaranteed the loan from M&T Bank with their personal assets, including millions of shares of stock in the Wolf Organization, the family-controlled building supply company.” (Thomas Fitzgerald, “Wolf releases details of loan to his campaign,” Philadelphia Inquirer, 4/12/14)