Outside Income Triples for Congress Members

Monday, 19 Sep 2011 02:12 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Most members of Congress make $174,000 a year, which is a pittance compared with what they could make in the private sector. But the amount of income they earned from private sector jobs and companies they own tripled last year to at least $27.5 million for 68 members of Congress from $7.8 million for 75 members in 2006, according to a Wall Street Journal analysis of financial-disclosure statements.

The increases partly reflect the huge cost of campaigns nowadays, which discourages candidates who aren't wealthy. Many wealthy individuals continue to own businesses after being elected to Congress.

In addition, more than 12 legislators serve on corporate boards, and scores garner income from investments in farms or real-estate holdings. Ethics rules ban members of Congress from earning more than $26,550 a year from outside work. But there’s no limit to the amount of money they can pull in from companies in dividends or profits, as long as they don’t work full time.

Rep. Ron Paul, R-Texas, made between $100,001 and $1 million in 2010 from farmland and rental property in Lake Jackson, Texas. Rep. Nancy Pelosi, D-Calif., and her husband scored between $5,001 and $15,000 selling grapes from a vineyard they own.

Other big-time money makers include Rep. John Fleming, R-La., who earned at least $6.3 million from Subway stores and UPS franchises; Rep. Thomas Petri, R-Wis., who earned between $1 million and $5 million for his participation in a Lloyd’s of London syndicate; and Rep. Mary Bono Mack, R-Calif., who earned between $100,001 and $1 million for music royalties from her late husband, Sonny Bono.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Cop Killer's Commencement Address Angers Officer's Widow

Tuesday, 30 Sep 2014 23:17 PM

The decision to allow a man serving a life sentence for killing a police officer in 1981 to deliver a college commenceme . . .

Michelle Bachmann: 'Impossible' Obama Didn't Know About ISIS

Tuesday, 30 Sep 2014 21:21 PM

It is "absolutely impossible" President Barack Obama was unaware how powerful the Islamic State (ISIS) had become before . . .

Prosecutor: Okla. Beheading Suspect 'Didn't Like White People'

Tuesday, 30 Sep 2014 21:35 PM

An Oklahoma man who could face the death penalty for allegedly beheading a co-worker was suspended from his job after te . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved