It’s no secret that congress members make money. Most people think that they are paid a salary, but this is not the only way these politicians make money. In this blog post, we will discuss the different ways that congress members can pad their pockets.
Do Politicians make a lot of money?
Politicians do make significant money, especially those who hold prestigious offices. Finances acquired from politics are not only tied to the salary but extend to deals made with business people. Not every politician makes a lot of money. It depends on a person’s activities in the business sector and how exploitable their office is in terms of getting more income. [Source].
“The salary of a politician ranges from zero to six figures in the United States, with those serving at the local levels earning the least and those elected to state and federal offices earning the most. [Source].
Congress Salary 2021
A member of Congress was paid an annual salary of $174 000 in 2021, and they tend to earn more because of extra duties which come with the office. [Source].
How much does a Freshman U.S. Congress Member make?
Under the current laws, a freshman US congressman receives the same salary as that which is given to the other senators [Source]. And this means there are no differences in benefits received by a newly elected Congressman and those with years in office. However, a freshman congress member might need time to adjust and can be side-lined on certain duties. High-level positions in congress earn more money as compared to their low-level counterparts. The speaker of the House makes $223 500 per year, with the president pro tempore of the Senate, majority and minority leaders in the House, and Senate receiving $193 400 per year.
Where did Dianne Feinstein get her money?
Senator Dianne Feinstein was ranked second on the list of the wealthiest members of California’s delegation. In 2019, Feinstein reported having a net worth of $58 million. Her wealth is not attributed to her job salary but other initiatives. She married a billionaire Richard Blum, who made his money on the back of the US-China relationship. Blum raised $1.2 billion in foreign investment for a Chinese firm, and he had extensive foreign holdings. [Source].
Additionally, the pair started a real estate firm and owned Carlton Hotel and Sana Francisco. The Carlton Hotel Properties L.P was valued at $25 million in 2016. More wealth came from having several homes in Aspen, Hawaii, Spring Valley, Lake Tahoe, and Pacific Heights.
Politics also aided Feinstein’s wealth because it opened opportunities for investments in foreign countries.
How do Politicians make money if they lose?
When politicians lose an election, one would expect them to be financially weak, but this is not the case. Before going into politics, most individuals would have been business owners or academics. When a politician is thrust in the light due to their work, they use that exposure to finance their company and build relationships. [Source]. Sahil Choudhary said, “Remember, a smart businessman will only enter a field of work when he sees guaranteed income .”For some people, politics is a moneymaking strategy while ‘claiming’ to represent the rights of the public.