The Rich Get Richer…In Congress
By Elizabeth MacDonald
Published November 18, 2010

Is this what was called ”Taking America Back?” Is this the “Right Track” for America that was mentioned during mid-term elections? What kind of men destroy their own country, as if they’re in it, but not of it? Somebody stop this ride, I think I’m gonna hurl, see you in 2012.
Those Bush tax cuts for the rich might matter a lot to 261 Congressmen.
That’s because they are millionaires, according to a new report from the Center for Responsive Politics, based on an analysis of 2009 financial disclosure forms.
That means about half of the members of Congress are millionaires, versus an estimated 7 million, or 5%, of US households, with an estimated net worth of $1 million or more, says the Spectrem Group, a Chicago consulting firm, which looked at federal data.
If you count just individuals, the percentage of the American population who are millionaires is estimated to be much lower, at 1% — raising concerns at the Congressional watchdog group that elected officials may be out of touch with the financial problems many Americans struggle with daily as unemployment hits levels not seen in two and a half decades. The report comes as Congress is debating whether to extend the Bush tax cuts for the wealthiest in a lame duck session.
Who are the richest? Once again, the same Republican who has topped prior such lists, Rep. Darrell Issa (R-Calif.), ranked No. 1. Issa, who has argued strenuously for the Bush tax cuts to remain for the upper brackets, is estimated by the Center to have a personal wealth that surpasses $303.5 million. He earned much of his fortune from founding a car alarm company, Directed Electronics, and owns numerous investments.
Another Californian comes in second, Democrat Rep Jane Harman (D-Calif.) at $293.4 million. Sen. John Kerry (D-Mass.) comes in third at $238.8 million.
Rep. Harman is married to Sidney Harman, former Undersecretary of the Department of Commerce in the Carter administration who is the founder of Harman International Industries, an international audio and infotainment equipment company. He also purchased Newsweek for a reported $1, and is now merging that with the Daily Beast.
Kerry is married to Teresa Heinz, heiress to the Heinz (HNZ) food fortune.
Sen. Mark Warner (D-Va.), Rep. Jared Polis (D-Colo.), Sen. Herb Kohl (D-Wis.), Rep. Vernon Buchanan (R-Fla.) and Rep. Michael McCaul (R-Texas) round out the list of lawmakers who in 2009 recorded an average wealth of at least $100 million, the Center says.
Five Democrats and five Republicans comprise the 10 wealthiest in the House, the new report says. Six Democrats and four Republicans rounded out the top 10 in the Senate, the Center says.
General Electric (GE) had the most Congressional investors, the Center’s report says, with 82 elected officials holding stakes in the conglomerate, the recipient of numerous, lucrative federal contracts.
Bank of America (BAC) ranked second, with 63 members investing in the country’s biggest bank by assets, which also ranks among the top five companies that got the most taxpayer bailout help [READ THE FULL STORY]
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