Wofford Earned $4.5M as Ropes & Gray Partner in 2017, According to Release of Tax Filings
Keith Wofford used his high income to make a distinction with his Democratic opponent, New York City Public Advocate Letitia James, saying his wealth will allow him to be independent of politics. James earned $184,000 as NYC public advocate.
October 26, 2018 at 05:30 PM
5 minute read
Keith Wofford, the Republican candidate for attorney general and partner at Ropes & Gray, made five years of his tax returns available to the public on Friday, showing he earned more than $4.5 million in income last year, almost double what he made in 2012.
Wofford also reported paying more than $2.4 million in federal, state, and local taxes last year, paying a tax rate of 54.8 percent based on his adjusted gross income, which was closer to $4.4 million. He gave more than $61,000 in charitable contributions.
His income doesn't come as a surprise. Wofford had already reported on his financial disclosure form with the Joint Commission on Public Ethics this year that he earned $4.35 million and $4.45 million at Ropes & Gray, where he is a co-managing partner of the New York office. He's on a leave of absence from the firm, where he typically focuses on corporate restructuring.
Wofford used his high income to make a distinction with his Democratic opponent, New York City Public Advocate Letitia James, saying his wealth will allow him to be independent of politics.
“My success allows me to be completely independent of the political system, to not be beholden to anyone, and to not worry about getting the next job while I work for the people,” Wofford said. “I can do the job that the people elect me to do.”
A spokesman for James responded to Wofford's comment in a statement Friday evening.
“Completely independent from who? New York voters? A man who makes $4.5 million from a law firm that represents the makers of OxyContin, vulture funds that pillaged Puerto Rico, and big banks that caused the subprime mortgage crisis can't claim to be independent,” said Jack Sterne, spokesman for James. “Mr. Wofford is trying to pull a Trump by not publicly sharing his tax returns, nor the client list of his Wall Street, Ropes & Gray LLP.”
Wofford's income is vastly greater than the amount earned by James last year. She earns a fixed salary as public advocate and reported earning $184,000 in the position on her tax returns. James opted to pre-emptively release her tax returns during the primary campaign and has called on Wofford to do so during the general election.
James paid more than $56,000 in federal, state, and local taxes last year, according to her returns. She also reported more than $5,000 in rental income and gave about $1,700 to charity.
Because of her fixed income, James' tax returns have not changed much over the past four years. Filings show she earned more than $168,000 during her first year as public advocate in 2014. That was before the New York City Council increased the salary of the position to $184,000.
James served as a member of the New York City Council before her election as public advocate. She earned $112,500 in the position and reported a total income of more than $120,000 in 2013.
Wofford's income has not been quite so predictable. His total income in 2012 was more than $2.2 million. He reported paying more than $810,000 in federal, state, and local taxes that year. He also gave more than $20,000 in charitable contributions and paid a tax rate of about 38.6 percent.
His income dropped over the next year. Wofford reported earning more than $1.8 million in total income in 2013 and paid more than $851,000 in taxes. He also gave more than $23,000 to charity that year. His tax rate was about 49.4 percent.
Wofford's income almost doubled in 2014 when he reported earning more than $3.3 million in total income. He paid more than $1.5 million in federal, state, and local taxes that year and gave more than $27,000 to charity. His tax rate that year was about 47.7 percent.
The following year Wofford earned more than $3.9 million in total income and paid more than $1.9 million in taxes in 2015. He gave more than $35,000 to charity that year and paid a tax rate of 51.2 percent, according to his campaign.
His income took a slight hit in 2016. Wofford reported earning about $30,000 less that year, but still more than $3.9 million. He, again, paid more than $1.9 million in federal, state, and local taxes but upped his charitable donations to more than $74,000. His tax rate was about 51.7 percent that year.
Wofford, unlike James, opted not to release his full tax returns online. They can be reviewed at any point from now until election day at his campaign headquarters, according to the campaign. The filings are large: his 2017 return alone is 150 pages, for example. Wofford credited his parents for his success.
“I was blessed to have had great parents who instilled in me concepts such as discipline, graciousness and hard work; and great mentors and colleagues who gave me the chance to compete,” Wofford said.
The general election is Nov. 6.
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