Majority of Congress members now millionaires

[mitty14u2]

Source: CNN


For the first time ever, more than half of current members of Congress are millionaires, according to a new report from the non-profit Center for Responsive Politics.

Among the 534 current members of Congress, at least 268 had an average net worth of $1 million or more for 2012, the CRP said, citing disclosure forms filed last year. A year ago, the total stood at 257 members, or about 48%.

The group said the new figure "represents a watershed moment at a time when lawmakers are debating issues like unemployment benefits, food stamps and the minimum wage, which affect people with far fewer resources, as well as considering an overhaul of the tax code."

CRP executive director Sheila Krumholz said the data reflect the reality that "in our electoral system, candidates need access to wealth to run financially viable campaigns, and the most successful fundraisers are politicians who swim in those circles to begin with."

Related: Fiscal cliff deal stops many tax hikes, but leaves big issues

This year's analysis was complicated by a change in reporting rules that allows lawmakers to report the worth of high-value assets and income as simply "$1 million or more," after previously requiring more specific values.



Read more: http://money.cnn.com/2014/01/09/news/economy/congress-millionaires/index.html

[tabasco]

1. This is our biggest problem

Bar none.

[erpowers]

2. Not That Hard

It is not that hard to become a millionaire once one gets to Congress. The annual salary is about $174,000 per year. Top leaders may make more. House Speaker John Boehner makes about $220,000 per year. I am not aware of the salaries of other top House and Senate members. With salaries like that one can become a millionaire in about five or six years(one senate term and three house terms). If one manages and invests their money well they most likely can become one sooner.

This will most likely never happen, but if people really do not like that so many members of Congress are millionaires they should push to have Congress' pay slashed to the average salary of American workers. They should also push for congressional raises to be linked to increases in the average American salary.

[valerief]

5. Salary is not how they become multimillionaires. nt

[erpowers]

6. Please Explain

How do you think they become millionaires?

[oldbanjo]

8. I lived on a piece of property

that was owned by a friend, a guy bought it from him, the guy was a Senator's brother a few years later the interstate went thru it. Thats how they get rich.

[valerief]

10. That's one way. Another is they're exempt from insider trading laws. They exempt themselves

from all kinds of laws we regular folks have to abide by.

[Thor_MN]

7. seriously? Do you believe they have no expenses?

A salary of $220K is not going to make one a millionaire in 5 years, much less sooner. Granted you can sock away some money, but no way is it going to approach $1M unless you have some "help" in investment advice or manage to launder bribes.

[erpowers]

11. Yes, They Have Expenses

However, a salary of $220,000 will allow someone to gross one million dollars in five years. How many members of Congress have been in office for more than twenty years. I do not think it is just corruption that helps members of Congress become millionaires. I think some of it is that some of them have been there, or in some political office for most of their lives. Even with expenses I think it is fairly easier to become a millionaire on a salary of $174,000-$220,000 per year.

[Thor_MN]

12. Gross. As in before taxes. Before Expenses.

No way do you end up a honest millionaire after 5 years on a $220K salary. Hell, that isn't even a million after taxes, even if one didn't spend a dime.

[erpowers]

13. Yes

In my posts I was talking about gross income. However, I still think people in Congress can become honest millionaires while in Congress. Maybe they cannot do it in 5 or 10 years, but it can happen. How, many member of Congress have been in politics for 10, 20, or 30 years?

My main point is and was that it is not that hard to become a millionaire while in Congress. They all make more than $100,00 per year. Even with taxes and expenses they should be able to save and invest some of their money.

[Thor_MN]

14. My point is that one can not jump to a net worth of $1M honestly, in the 5 years you claimed

The OP is about millionaires, as in net worth. Gross, hell, if you make $50K a year, in 20 years you gross a million. But you aren't going to be a millionaire.

Given a salary in the low six figures, it is possible to become a millionaire with no illegalities if one works at it long enough and does not piss it away on lifestyle. If it happens in 5 or 6 years, there's something more than salary going on.

[painesghost]

3. Sadly since the revolution most members of the gov have been the wealthiest members of our nation nt

[Fumesucker]

4. Who else would best know how to properly serve the 1%?

[godevil10]

9. I believe we really need term limits. n/t