SUNBURY DAILY / AP: Tom Wolf, the Democratic candidate for governor who took out a multimillion-dollar loan to help finance his campaign, reported $1.3 million in adjusted gross income in 2013, according to two pages of his 2013 tax return he released after the six-month extension period expired last week.
Wolf owns a 28 percent stake in his family’s York-based cabinetry and furniture distribution company, the Wolf Organization. He also is the company’s chairman, but he stopped taking a salary after May 31. In the past, he has reported business interests that included stakes in North Lime Holdings Corp., a private holding company that owns a network of specialty construction contractors, and in a real estate partnership, Saginaw Partners…
Wolf has said he drew a $4.45 million bank loan last December to help him put $10 million of his own money into his campaign. The 3.18 percent term note was to be due Dec. 31, 2016, and, as collateral, pledged nearly 14 million shares of Wolf Organization stock… (more)
EDITOR: As we had suspected, Wolf is not super rich, likely not even one in five hundred as far as his wealth is concern. (Yes, $1.3 million annually is a lot of money to most people, but not unusual these days for top business executives and professionals.) He has expended a significant portion of his personal wealth to become governor. If he loaned the campaign the $10 million, he may recoup part of the funds if there is a surplus, perhaps with donations after the election. Otherwise, he likely will need to sell a significant portion of his holdings to pay off the debt.
