Jersey Governor deducts more than $4.4 million in expenses.


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Corzine's income takes a sharp dive
He made $52M less in his year as governor
Wednesday, October 17, 2007

Public service apparently has taken its toll on Gov. Jon Corzine's personal finances.

The multimillionaire made just $4.1 million in his first year as governor, according to copies of Corzine's 2006 federal and state income tax returns filed Monday. The governor's office made copies of the 250-page filing available for review yesterday.

Corzine's income represented a steep drop compared with the $55.9 million he reported earning the previous year. That amount, according to earlier tax returns, included a windfall from the sale of the final 400,000 shares of Goldman Sachs stock he has held since he left as chief executive. It was also substantially less than the $12 million he reported in 2004.

Corzine paid a quarter of his 2006 income in taxes -- $719,401 to the federal government and $374,430 to the state -- according to the returns that were completed Monday. Corzine filed for, and got, his usual deadline extension in April.

The filing indicated Corzine's income was derived almost entirely from investments.

His interest income for the year totaled $4.6 million. He also reported income from dividends of $1.3 million and $2.6 million from capital gains.

The largest single source of income was from JSC Investments, the limited liability company in which Corzine is the sole officer. He reported earning nearly $3.8 million in interest and $1.8 million in dividends and capital gains from the company. Among other income, Corzine also reported $1.1 million from foreign investments and $54,000 from the sale of 12,000 shares of Dreyer's Ice Cream.

Among the investments, the report also showed Corzine still owned shares in a plane, a Mexican restaurant and a biotechnology company in New York. He also held investments in apartment developments in Arizona and Texas, Dutch and German banks and a partnership that operates warehouses in the Dallas and Houston areas.

Corzine accepts only $1 a year in pay as governor, but he reported earning $7,216 in his last days in the U.S. Senate. As he has done previously, Corzine donated his Senate salary to charity.

Corzine deducted more than $4.4 million in expenses from his gross income, as well as $38,000 he paid to have his taxes prepared. He also reported losing more than $29,000 on his investment in his brother's Illinois bike shop.

In the end, the forms showed Corzine -- who reported in his final federal financial disclosure statement a personal worth of as much as $261.5 million -- with an adjusted gross income of just over $4.1 million.

While his assets are not in a blind trust, aides say Corzine has turned over the day-to-day handling of his finances to J. Christopher Flowers, a former Goldman Sachs colleague, and others. The governor is also invested heavily in several of Flowers' equity funds.

Corzine is not legally required to make public his tax returns, but he has made a practice of letting reporters review the documents ever since stepped into the public arena in 2000 and disclosed them as part of his first political campaign.


Bastard coated bastard w/ bastard filling
On the plus side, State Troopers armed with automatic weapons protect him and his family day and night.

Razor Roman

Glad to see that this "tax the rich" doucehbag pays a lower percentange of his income in taxes than I do.