Jersey Hopefuls Release Tax Docs
Tuesday August 16, 2005
The two millionaire candidates for New Jersey's Governor's mansion have released income tax documents. Warning: the numbers are boggling - each had about $12 million annual income. Median household income for NJ from 2000-2002 was $53,266 ; for 2003, it was $58,588. Median income in NJ is almost a quarter greater than US median income.
Forrester, who made his millions with the pension benefit company BeneCard, came under fire last week because NJ law prohibits owners of insurance companies from contributing to political races. Forrester owns 51 percent of the insurance company Heartland Fidelity, which he started in 2003. Both candidates have sunk millions of their own dollars into their campaigns; this could cripple Forrester's funding.
Republican candidate Doug Forrester filed an extension for 2004 income. In 2003, he paid $3.7 million in taxes on an adjusted gross income of $12 million. In 2002, he paid $4.7 million in taxes on an adjusted gross income of $12.6 million. Democratic candidate Jon Corzine paid $1.3 million in federal taxes on an adjusted gross income of $11.8 million in 2004. [See the real beneficiaries of the President's tax plan? Notice the progressively smaller sums? Also, Corzine's income is primarily investment income, whereas Forrester's is primarily from BeneCard.]
Tags: New Jersey, Politics.
Related: 2005 Gubernatorial Races.
See Newsday, NorthJersey.com
Forrester, who made his millions with the pension benefit company BeneCard, came under fire last week because NJ law prohibits owners of insurance companies from contributing to political races. Forrester owns 51 percent of the insurance company Heartland Fidelity, which he started in 2003. Both candidates have sunk millions of their own dollars into their campaigns; this could cripple Forrester's funding.
Republican candidate Doug Forrester filed an extension for 2004 income. In 2003, he paid $3.7 million in taxes on an adjusted gross income of $12 million. In 2002, he paid $4.7 million in taxes on an adjusted gross income of $12.6 million. Democratic candidate Jon Corzine paid $1.3 million in federal taxes on an adjusted gross income of $11.8 million in 2004. [See the real beneficiaries of the President's tax plan? Notice the progressively smaller sums? Also, Corzine's income is primarily investment income, whereas Forrester's is primarily from BeneCard.]
Tags: New Jersey, Politics.
Related: 2005 Gubernatorial Races.
See Newsday, NorthJersey.com