Nation: Out of the Club

Carter's not worth a million

On top of his other troubles, Jimmy Carter revealed last week that he is no longer a millionaire. He enjoyed that heady status in 1978, but his 1979 personal income tax return puts his net worth at $893,304.35, or nearly $113,000 less than in 1978. In part, his own economic policies are to blame for the tumble. Like other Americans, he was savaged by soaring interest rates; payments on a peanut sheller, which are pegged at 1½ percentage points above the prime rate (now about 20%), caused him to suffer a $79,609.52 loss from the family business that is held in trust for him by his Georgia pal, Charles Kirbo.

Carter also had some good news; he is getting a $16,703.50 refund from his federal income tax. He earned $275,136.75, including his salary and expense allowance of $237,499.98 as President and $22,670.53 in interest from Kirbo-managed investments. But in addition to his business loss, Carter claimed $43,090.64 in deductions, including $15,438.50 for gifts to charity, $45.04 in credit card interest and $15.53 in postage. As presidential business expenses, he listed only $1,703.46—$534 on meals for guests at the White House, $639 for staff parties, $288.96 for gifts and $240 for refreshments. He ended up with a tax bill of $64,944.81.

Is Carter's likely Republican opponent, Ronald Reagan, still a millionaire? Only Reagan knows for sure, since he refuses "as a matter of principle" to reveal his tax return. It would set a "bad precedent," he explains, "for people in public office to have to expose themselves more than a private citizen." ∎