Corzine’s Meaningless Financial Disclosure
U.S. Sen. Jon S. Corzine, a former Wall Street executive and the presumptive Democratic nominee for governor, on Monday released a Senate filing showing that his total assets in 2004 were in the range of $85.5 million to $261.5 million.Don’t you wish the government would allow you to report your income and asserts in such broad terms for income and estate tax purposes?
The financial disclosure report also said his 2004 income was in the range from $2.9 million to $17.7 million.
No way do I owe more income tax. Like I told you Mr. Auditor, I earned between $75,000 and $447,500 and paid my income taxes on the $75K. (The spread between Corzine’s’ reported income and our example 610%)
Yes sir, that business Pop left me is worth between $500,000 and $1,550,000, so I’ll go ahead and claim the $500,000 to avoid paying taxes. (The spread between the assets Corzine reported and our little example is 310%)
What meaningless information. Assets such as homes and stock portfolios can certainly fluctuate in value and reporting a range makes sense, but this broad? And there is no excuse for lawmakers not reporting their income to the dollar.
The annual financial reports, required under a 1978 ethics-in-government statute, are so broad and vague, it’s impossible to determine a member's actual income or financial worth. So what’s the point? The disclosure reports are just ethical cover and a pretense at openness. Just what you’d expect from politicians - window dressing.