Jim justice how much is he worth




















He had worked as a cashier at Safeway stores while putting himself through college, went to work as a bank examiner for the Federal Reserve Bank of Richmond and then became an executive at Piedmont Trust Bank in Martinsville, Va. Worth Carter held the first shovel at the end of a line of dignitaries when ground was broken for a new casino at the resort. Justice was inaugurated Jan. All I want is goodness for this incredible state and its incredible people.

By the end of that month, Jan. And just a few months after that, April 7, , the single most important connection with those financial institutions, Worth Carter, died. New management became more restrictive and accelerated outstanding debt, according to the lawsuit. Carter Bank describes the same longstanding relationship, but expresses the change in terms of its fiduciary duty. Carter Bank is no different from any other bank in this regard. As with all its customers, Carter Bank expects to be repaid by the Justice Entities all amounts due and owing in full in a timely manner as agreed-upon in the various loan documents existing between the parties.

All those loans are also backed by personal guarantees from James C. Justice, II and his wife, Cathy Justice. A number of them are also backed by personal guarantees from James C. Justice, III, Mr. That was Greensill Financial Services. The business was personified by Roland Hartley-Urquhart, vice chairman at Greensill who took credit for inventing modern supply-chain finance.

He was introduced to the Justice businesses by a mutual acquaintance — never named — and first met in White Sulphur Springs, home of The Greenbrier, with the governor and James Justice III, known as Jay, the chief executive of the coal operations. From that introduction through this past February, when the relationship burst, Jay Justice spoke on the telephone or in person with Hartley-Urquhart two or three times a week, according to the Justice lawsuit.

In , Justice announced his candidacy for governor in the West Virginia gubernatorial election. Although Justice was a registered Republican before running for governor, he ran as a Democrat and defeated the Republican nominee, Bill Cole. Less than seven months after taking office, Justice switched back to the Republican Party after announcing his plans at a rally with U. In the gubernatorial race, he won re-election over Democratic challenger Ben Salango.

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Jim Justice. Governor West Virginia. Show More 1. Websites 1 - 2 of 7 View All. Addresses 1 of 1. Jim Justice Governor. Politician Name. The deduction had long disproportionately benefited the wealthiest because they pay the most in state and local taxes.

In interviews and public statements, Issa said in fighting to preserve the deduction, he was defending the interests of middle-class taxpayers. But the year-old congressman, who made a fortune in the car alarm business, was in the top echelon of its beneficiaries.

Jim Justice is believed to be the richest person in West Virginia, controlling vast reserves of valuable steelmaking coal and owning The Greenbrier luxury resort. He made an appearance in on the Forbes list of wealthiest Americans.

Estimates of his net worth have ranged from the hundreds of millions to well over a billion. His largest tax payment came in , when his family sold off much of its mining holdings to a Russian company for more than half a billion dollars. That year, after deductions, his tax rate rose to a modest In more recent years, Justice, 70, has reported tens of millions in losses each year.

That not only helped him to minimize his federal income taxes, it also allowed him to apply those losses to his profits from previous years — and get refunds for the taxes he initially paid in those years. The Russian company that bought much of his coal empire sued him and got him to buy back the assets — at a much discounted price but attached to significant debt.

Forbes knocked him off its wealth ranking, citing escalating battles with two major lenders over unpaid debt.

But even before his empire began showing significant cracks, Justice was reporting losses or little income for a man so wealthy. From to , Justice, who received a coal and farming fortune from his father, who died in , either reported losses to the IRS or just a few hundred thousand dollars in income. This spin on depreciation can have outsized benefits because unlike normal depreciation — in which the write-offs are based on how much you paid for an asset — the write-off amount here faces no such limit, and can therefore exceed the initial investment.

The deduction has been criticized by environmentalists and congressional Democrats as an overly generous giveaway. Another benefit coal owners get is the ability to immediately expense much of their mine development costs on their taxes instead of being forced to stretch such deductions over a longer period of time.

ProPublica has previously reported on other generous write-offs. Sports team owners , for example, are allowed to deduct the value of their intangible assets — such as media deals and franchise rights — as wasting assets, even as they rise in value. Justice declined to answer a list of specific questions about his taxes. In many years, his businesses have suffered losses as the result of weak coal prices combined with substantial outlays to save jobs at local businesses that other companies were abandoning.

Like any other taxpayer, Gov. In , the year before he sold much of his coal empire to the Russian company, two GRATs appeared on his returns for the first time.

Justice had placed at least some of the coal assets into the trusts before the sale, according to the lawsuit. ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to be notified when the next story publishes. Also: Do you have expertise in tax law, accounting or wealth management? Ellis Simani is a data reporter at ProPublica.

More by Ellis Simani, ProPublica. Robert Faturechi is an investigative reporter at ProPublica. More by Robert Faturechi, ProPublica. Ken Ward Jr. Ken spent nearly three decades reporting for The More by Ken Ward Jr. Don't miss the Mountain State Spotlight Newsletter Our weekly email newsletter arrives in your inbox every Monday at 7 a.



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