The Rich Get Richer ... In Congress

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. Continue reading the article.