Thursday, May 31, 2012

Diane Hendricks Has The Last Laugh!

Why is Diane Hendricks smiling(I think that is a smile)???
Because she bought a Governor and now pays ZERO DOLLARS in state income taxes in 2010! For a mere $510,000 in donations to her employee Scott Walker, she was able to freeload on our great state's economy.
An active financial supporter of conservative extreme right wing causes, Hendricks has given Walker's campaign more than $500,000, making her Walker's largest donor. Her state tax obligation dropped from $2.26 million for 2009 to zero for 2010 because of a change in the corporate structure of ABC Supply said Scott Bianchini, ABC tax director. The company paid taxes of $373,671 for the second half of 2010, the records show. Bianchini explained that before 2010, ABC Supply was an "S" corporation, meaning the profits and the tax obligation flowed to Hendricks as the owner of the firm. In 2010, the company changed its structure so the profits and the tax obligation stay with the company. "Now ABC is paying taxes on its own," Bianchini said. Hendricks' March net worth was estimated by Forbes Magazine to be $2.8 billion - some $300 million more than Helen Johnson-Leipold, chief executive of Johnson Outdoors Inc. The magazine last year listed Hendricks as No. 188 on its ranking of the wealthiest people in America, a spot that had her as the financial equal of William Randolph Hearst III.
I know the righties will be out in force saying that it was a change in tax code but maybe we can clarify that a little more.....
Bianchini declined to comment when asked whether Hendricks, who is chairman of ABC, had other income such as salary or dividends that could have been taxed in 2010. He also declined to say why ABC's tax bill in 2010 was so low compared with what Hendricks had paid on its behalf in prior years, when its profits flowed to her bottom line. "Diane is not willing to divulge any more," Bianchini said. "ABC converted to a 'C' corporation - that's a substantial part of why there's no 2010 tax liability (for Hendricks)." He added that there were other reasons Hendricks paid zero state income taxes in 2010. "We're just not willing to get into it," Bianchini said. "It's just digging, in our opinion, too deep into her taxes." Hendricks, who worked with her husband, Kenneth, in building ABC, became chairman of the company after her husband died in 2007. The company now posts annual revenue of more than $4 billion.
Thanks but no thanks, the ydo not care to explain any more reason why they are freeloading on the taxpayers of Wisconsin and especially the taxpayers of Beloit. By the way want to see what happens in a community when the richest do not pay their fair share??? The community has to get together and pony up even more money to make the community work for all. The citizens of Beloit just agreed to a $70 million dollar school referendum to make sure their children are well educated and prepared for the future. Kudos to the citizens of Beloit, WI and shame on Diane Hendricks!!! Maybe if she spent less time trying to "divide and conquer" our state and more to actually paying for her services we would not have such a big structural deficit!

20 comments:

  1. The line is they don't have to pay taxes so they can use the money to create jobs. I'm curious how many jobs she has added to her company since then. I also wonder how her employees feel, knowing she wants to get rid of unions so she can pay them even less. She is one greedy person.

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    1. i a regret to say i am an abc supply employee .

      they treat their workers like dogs... profits margins sky high but they want to break the unions.
      abc supply is an evil corp.

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  2. Holy crap Batman, there really is such a thing as too much cosmetic surgery. She looks like the Joker.

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  3. ABC pays property taxes which is what schools are funded out of.

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    1. And of course our property taxes are so #@$*&% high because the taxing burden has been shifted from corporate profits (e.g., ABC Supply) and the income of rich individuals (e.g., Diane Hendricks) onto regular Joes like me thru taxes on my house. Great system.

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  4. John, Hendricks -- as ABC Supply and through the Hendricks Development Group projects including Eclipse Center, Ironworks, and Kerry Americas HQ, that I know of -- makes use TIF districts that reduce taxable income to the Beloit School District during their lifetimes (the money was loaned back to the development or used for infrastructure improvements).

    Hendricks herself lives on an ample spread up in the Janesville School District, but I have questions about the valuation; she pays 1/3 the property tax that her stepson does for a smaller home near downtown Janesville. I don't know that this is scandalous, but it's one of many questions that should be raised.

    psychotweety, that's the real mystery. Hendricks always warned his employees that he would shut the company down if they tried to unionize; as far as I know he's never run a union shop. He bought firms that must have sometimes had trade unions (e.g. machinists), but moved many of them to Beloit from out of state, probably breaking the unions in the process. This is borderline illegal under federal labor laws but often unenforced. But Ken himself was once a trade union member.

    Given this apparent lack of history of labor agitation, you really have to wonder where the hatred of unions comes from.

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  5. Property taxes, well, I would hope so...but how about fire, police, city administration government, city road maintenance, parks and recreation facilities...etc.
    No she is not community member in good standing.
    Palli

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    1. So ABC does not use any state roads and highways, any airports, the postal service, the state University system...etc.
      We know she wouldn't approve paying a tax that goes to state/federal programs like OSHA or the Labor Relations Board (especially now when one of the republican members has had to resign).
      Maybe if the tax form had a pie chart and she could choose the whole pie for a Right to Work Law.
      Palli

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  6. Leave her alone! Hell she helps out tons locally.You R all left wing loosers! If you had money would you want all the freaks going nuts over you?And I know two people that work at ABC and they don't complain as much as you dorks.Just to let you know I voted for the guy in the white house so no I'm not a right winger.

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    1. yes poor poor widow hendricks, she should be able to continue free loading on society while paying no taxes and then using her savings to get the most extreme right wing politicians in America elected. the nerve of us scrutinizing that....

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    2. actually i work for abc supply and they are closing us down because we are a union shop ....
      they pride them selves on being a company with 'family values'
      abc supply should burn in hell where they belong...
      they will run the roofing supply industry into the ground because of greedy bean counting suits..

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  7. Correct me if I'm wrong, but wasn't Jim Doyle Governor during 2010 and the Democrats in power at the time?

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  8. No. The 2010 tax was payable in 2011, Walker's first year in office. How coincidental.

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  9. This high school graduate has an Honorary Doctor of Humane Letters from Beloit College. I assume that it, too, was bought and paid for. I fail to see how her actions in helping to "divide" Wisconsin residents and "conquer" public sector workers could be considered "Humane''. A different adjective might have been more appropriate

    Perhaps Beloit College should revise their criteria for honors.

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  10. Haters are gonna hate:) Maybe she should take her business to another state, like Texas, where you don't have to pay state taxes. If she took her business somewhere else, I bet the town and surrounding areas of where she lives would fall apart. Yall are lucky that she kept her business in Wisconsin. We would welcome and LOVE for her to come to our home town and rebuild it like she has hers. We don't have any billionaires not paying any taxes, but it's still not rebuilt. I hope she moves!!!!!! So you haters can find the next news subject to jump on the bandwagon with and run your mouths like you are accomplishing something.

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    1. Sorry its taken me so long to answer your BS. Yes maybe she should move the business her husband built up from nothing and screw over all of her loyal hardworking employees and the towns/counties/state that has done nothing but kiss her ass all because some people think she should pay for the society that she has so tremendously benefitted from! That will show everyone. Or maybe she can just threaten it and the state can throw some more millions her way since we know we cant lower her tax rate any!

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  11. I'm not sure where to even start. ABC Supply, and the Hendricks family, have paid MILLIONS in taxes since the founding of the company. I would venture a guess that most of the negative posters on this "blog" get more refund back than the pay out. Talk about freeloaders. And speaking of freeloaders, unions are not welcome in a company that treats their associates and their families as family. Personally knowing several ABC Supply employees, they LOVE the company, what it stands for, how they respect the employees, and how much the company does for them. Throw that tax story out all you want, but you might want to get all of the facts before word vomiting this garbage out into cyberspace.

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  12. shes a fine example of what america is becoming.shes a greedy old bat who pays some organization called the gallop award for the best place to work award,her employees are the lowest paid in the industry,not to mention subpar benefits which are right up there with walmart,old beat up eqipment ,commador64 computer system ,o but the old bat does own a race car

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  13. ABC supply is the biggest BS company I ever worked for. They spread propaganda like a wildfire.A high up corporate came to our store and told us to lie on the Q12 survey or they would replace us.In 2009-2010 I was laid off for the season like I always do but this time they made me sign a tax form before I could return in the spring. This form stated that I wasn't an employee anymore. But if I signed it I would be considered a "new hire" and the company would save about 1200.00 in taxes under the "create jobs" programs. What a bunch of greedy jerks. If they do something nice for you its because they are getting something back for it.

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