Bruce Langos sells 24,751 shares of TDC on 02/10/2012 at an average price of $62.09 a share.
that’s $1,536,789 in income- or $34,578 in taxes at 2.25% In 2008 (last date I could quickly find for his compensation) he earned:
Total Compensation $1,242,916.00
that’s another $27,966 in income tax that he’d have to pay if he was subject to the same income tax that the people who work at Kohl’s next door are subject to under the connived rules created by the JEDD- or “Joint Economic Development District”- in the name of “economic development.”
Put the two together and there goes $62,554 in taxes that could be funding police officers, water treatment plants, regional dispatch centers. The income taxes being skipped by excluding just one person in Teradata are greater than the average total wages of all those “jobs” we created at Kohl’s, Menards, Walmart and other major corporations who have been subsidized by this boondoggle of massive proportions at Austin Landing.
boundaries recently set in the Austin Landing district exclude workers like RG Properties President Randy Gunlock who works from one of the office buildings excluded from the district and lives in nearby Clearcreek Twp. The district also excludes office workers living in the development’s residential village, but construction workers are to be taxed.
(James Durham, a law professor at University of Dayton) Durham acknowledged excluding RG itself and other tenants, such as Teradata, failed to capitalize on taxation of the higher wages earned and larger staffs working in the office buildings.
“On the whole, they are going to be paid more. It’s certainly imperfect,” he said.
Teradata was part of NCR- and those jobs were in Dayton, with employees paying the 2.25% income tax. The company was spun off- and despite having revenues in the billions, the residents of Montgomery County have subsidized this company’s moves not just once, but twice in the last 5 years. Moving them first to a custom built HQ (Oberer Companies) in Miami Township and then moving them half a mile down the road to a new one, constructed by RG Properties.
I’m not picking on Bruce only, his whole company is benefiting, but Bruce was also the Chair of the Dayton Development Coalition which advocates for corporate welfare instead of the health of the community. It’s also easier to find his compensation.
Another tenant of the 1% tax free while the 99% pay tax zone, is the law firm of Thompson Hine. They too used to be in downtown Dayton and paid the 2.25% income tax. They left for the shiny new oasis of Austin Road- leaving their offices in the former Mead Tower and helping force that building into financial straights. This triggered Key Bank to move across the street, abandoning their building which sold for $500K to a mysterious guru who calls himself “Commander.”
Thompson Hine’s lawyers won’t have to pay income tax either, thanks to the “all animals are equal, but some are more equal than others” rule that somehow snuck on the books. Of course, the lawyers of Thompson Hine pay a different tax- the “campaign tax” as I call it- handing out huge donations to federal candidates.
Top Contributor to Member (5 results)
- Thompson Hine LLP to Jean Schmidt (R) in 2012
- Thompson Hine LLP to Rob Portman (R) in 2012
- Thompson Hine LLP to Sherrod Brown (D) in 2012
- Thompson Hine LLP to Albert R. Wynn (D) in 2004
- Thompson Hine LLP to Steve Chabot (R) in 2004
Top Contributor to Candidate (4 results)
- Thompson Hine LLP to Ohio District 10 candidates in 2012
- Thompson Hine LLP to Ohio Senate candidates in 2012
- Thompson Hine LLP to Ohio Senate candidates in 2010
- Thompson Hine LLP to Ohio District 7 candidates in 2008
So if you have money to donate to political candidates you get a hall pass on income taxes? Note, OH-10 democratic candidate Sharen Neuhardt is one of the Thompson Hine lawyers who won’t be paying a Montgomery County income tax- and she’s also a prime recipient of donations from her firm.
Of course, Austin Landing is the pet project of local developer Randy Gunlock who is also not going to have to pay income taxes in his new development. His company, RG Properties is also excluded. Randy does OK for himself and is a top donor as well to political campaigns giving tens of thousands of dollars between him, his wife, his kids- to candidates like Congressman Mike Turner and the Republican National Committee. When you’ve got an indoor full size hockey rink in your backyard, complete with a Zamboni, the idea of having to pay income taxes like a checkout person at Kohl’s must be really repulsive.
His home, a 5 bedroom, 15,879 sq feet, is appraised at just under $2 million.His annual property tax bill is $30,000 of about what someone working at Kohl’s makes. He pays no income tax, they pay 2.25%
The taxpayers have poured over $150 million into the interchange and improvements at Austin Road, the residents of Miami Township have gotten stuck for the airfare on Randy’s private jet when he flew two trustees up to Michigan to look at a hockey arena. The Township residents have already been hit up for $24 million to help finance Mr. Gunlock’s private tax haven for the wealthy by being asked to float bonds, apply for development grants and transportation tax dollars. All so that the wealthy can work in brand new office buildings and pay Mr. Gunlock rent- while getting to evade income taxes that were supporting existing infrastructure in Dayton. Recently another million dollar cost overrun was paid without investigation.
This is the giant sucking sound of the lifeblood of Dayton’s core. The saddest thing is it’s being financed by the very people who can least afford it, and have the least influence in changing political outcomes, the working poor.
Of course, the county officials are talking out of both sides of their mouths- the original reason for all this investment according to another article claiming the development is worth $400 million was to generate income taxes:
“We’ve got our flag in the ground,” said Steve Stanley, executive director of the Montgomery County Transportation Improvement District, the entity which helped fund the interchange, roads and other infrastructure underlying the development.
Income taxes from employees working in the area will go to the county, Miamisburg, Miami Twp. and Springboro. Sales tax will go the county.
“Sales tax is one piece. Income tax is another piece. The idea is to bring income tax from outside the region into this area,” said Todd Duplain, director of development for Mills Development.
We just didn’t know at the time that the richest incomes wouldn’t be contributing.