The Nation: How Ford Won and Reagan Lost

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Goaded by Ford's disclosure three weeks ago of his personal finances, Ronald Reagan last week released a two-page accounting that put his net worth at $1,455,571 (v. Ford's $323,489). Reagan estimated his earnings last year at $282,253, chiefly from speeches, newspaper columns and radio commentaries. The statement listed $200,000 in bonds, divided equally between California school-building securities and San Jose city notes, and $326,560 in stocks, at market value. Among them were investments in two bank holding companies, $132,000 in Continental Illinois Corp. of Chicago and $111,000 in First Union, Inc. of St. Louis, and $42,432 in Salant Corp., a New York-based clothing manufacturer.

Reagan reported that he and Wife Nancy own real estate worth $720,000, including a four-bedroom house in suburban Los Angeles, a 688-acre ranch outside Santa Barbara and 771 acres of undeveloped land in Riverside County, Calif. In valuing his real estate, Reagan found it convenient to use tax assessors' figures, which are well under current market values. For example, while Reagan valued his house at $213,000, he probably could sell it for more than $350,000. Similarly, Reagan set the value of the Riverside land at $417,500, but brokers said that more than 300 acres were prime property worth up to $3,000 an acre. Thus Reagan in fact may be worth $2 million. According to his accounting, he will pay about $120,000 in federal, state and local taxes for 1975, or 43% of his income—about the same proportion as paid by Ford in taxes last year.