Today, Sen. Jason Carter released an ad detailing how Gov. Nathan Deal sold an auto salvage yard for $3,000,000 to a company that owes the state of Georgia $74,000,000 in back taxes.
He came into office with millions in personal debt. Now, after four years as governor, Nathan Deal’s worth millions.
How’d he get rich?
Deal sold his salvage yard for over $3 million to a company that owes the state of Georgia $74 million in back taxes.
Nathan Deal made $3 million. The company still owes $74 million.
And the middle class has fallen further behind.
Nathan Deal: Putting money in his pocket. Not ours.
Check out these stories detailing the governor’s sketchy business deal –
Deal’s attorney, Randy Evans, said Wednesday that the governor and business partner Ken Cronan sold Gainesville Salvage & Disposal to a Texas-based auction firm for roughly $2 million apiece. The contract also requires the firm, Copart, to pay Deal and Cronan $120,000 each annually over 10 years to lease the land, which the two men still own.
With the sale, Deal is seeking to close the chapter on one of his 2010 campaign’s biggest controversies as he mounts a re-election bid that so far features no opponents. It also injects fresh capital into his bank account, itself a focus during the campaign as Deal tried to repay business loans for his daughter’s failed sporting goods venture.
Gov. Nathan Deal was hoping to rid himself of a controversy that plagued his last campaign when he sold off a lucrative salvage yard. Instead, the buyer’s multimillion-dollar tax woes have given fresh ammunition to critics.
The Texas-based car auction firm that agreed to pay $3.2 million each to Deal and his business partner Ken Cronan for Gainesville Salvage & Disposal is battling the state over nearly $74 million in disputed back taxes, and the company has been ramping up its lobbying forces as it wages the legal fight.
Gov. Nathan Deal’s personal finances have drastically improved over the past four years. He’s managed to reduce his debt by $1.8 million and increase his net worth by $1 million. But the fortunate turn of events has led some groups to question how he rebuilt his finances – and whether he used his elected position for personal gain.
Last summer, Deal and his business associate sold their Gainesville salvage company for an estimated $4 million, plus $120,000 annually to lease the land, to Copart. In a separate legal dispute, the Texas-based car auction company that bought the governor’s business has fought with the state over an estimated $74 million in reported back taxes. After Deal sold his company, receiving $2 million for the transaction, that tax lien has remained unpaid.