Corzine earned nearly $12-million

April 15, 2008 2:12:47 PM PDT
New Jersey Gov. Jon S. Corzine earned $11.8 million last year, according to income tax estimates released Tuesday by his office. Corzine, as has been typical for him, filed for an extension that will give him until Oct. 15 to file his federal and state income taxes.

The former Goldman Sachs chairman has said he needs the extra time because of the complexity of his investments.

However, his office on Tuesday released estimated 2007 income figures that show he earned $11.8 million and paid about $3.4 million in state and federal taxes during his second year as governor. It said his 2007 income largely came from stocks and bonds.

Corzine earned about $4.1 million in 2006 and paid $1.65 million in state and federal income taxes.

He made $55.9 million in 2005, mostly by selling more than 400,000 shares in Goldman Sachs, which he led from 1994 to 1999.

Corzine ordered his Goldman Sachs shares sold while running for governor to avoid conflicts.

He accepts only $1 from his $175,000 annual gubernatorial salary.

Corzine, 61, was a U.S. senator from 2001 until January 2006. He spent about $108 million of his own money to run for U.S. Senate and for governor.

In his final U.S. Senate financial disclosure statement, Corzine reported having as much as $261.5 million in assets.

State financial disclosure statements don't require him to get as specific as the U.S. Senate requirements.

But Corzine's state disclosure reports have detailed how he owns shares in a plane, his brother's bicycle shop, a Mexican restaurant and a biotechnology company in New York, shares of apartment developments in Arizona and Texas, banks in the Netherlands and Germany and a group that operates warehouses in the Dallas and Houston areas.