Bloomberg’s Tax Returns Give a Glimpse at his Fortune
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Mayor Bloomberg was quite generous with his fortune last year. So generous, in fact, that he was rewarded for it.
Mr. Bloomberg took his $1,000 award for philanthropy, given by the American Academy of Arts and Letters, and donated it to New York City. Given his many other sources of money — including winnings from horse shows and an acting gig on “Law and Order,” not to mention profits from his multibillion-dollar company — the mayor could spare the cash.
These and other facts about the mayor’s finances were made available to reporters on Friday, when they were given a two-hour window to view his 2007 tax returns. The viewing is an annual ritual, and the extent of Mr. Bloomberg’s fortune — estimated to be at least $16 billion — is not reflected in the tax forms, which were edited to provide ranges of money rather than exact figures. Suffice it to say that the category denoting amounts more than $500,000 was heavily represented.
Despite receiving the philanthropy award, Mr. Bloomberg donated less than 50% of his earnings to charity in 2007, as opposed to 2006, when he gave more than 50%. Those donations included a set of kitchen appliances from a home in Florida, one of the mayor’s 10 properties.
All that real estate comes at a price. Mr. Bloomberg owed $250,000 to $500,000 in taxes alone for wages paid to his household staff, more than the $100,000 to $250,000 he paid last year.
Luckily his daughter was able to help him out. She participated in several horse shows using steeds purchased by her father, so they split the winnings. Mr. Bloomberg also earned something under $1,000 for playing himself on “Law and Order.” He might not be so fortunate next year. TV and film production has largely halted because of a possible strike by the Screen Actors Guild, of which the Mayor is a card-carrying member.
Still, Mr. Bloomberg’s sources of income are healthily diversified across the performing arts. He received $1,000 -5,000 in escrow funds stemming from an off-Broadway production of “Annie,” an investment he made about a decade ago.
