How Mike Pence became a millionaire from government pensions: by ChaseWithorn
This is the first in a series that explores the personal fortunes of President Trump’s cabinet officials.ike Pence doesn’t have all that much to his name. He doesn’t appear to own a home, and he hasn’t saved much besides $65,000 in index funds, at most, and his bank account holds less than $15,000.
The son of a Korean War veteran, Pence spent a few years at a small law firm before mounting an unsuccessful campaign for Congress in 1988. A second attempt two years laterafter he used political donations to cover a mortgage, credit card and even grocery bills. “I’m not embarrassed that I need to make a living,” he told the press at the time. Such personal spending was legal then but proved unpopular with voters.
Pence, then in his second term in Congress, watched his nest egg crack. In 2004 he disclosed owning a stake in Kiel Bros. worth between $200,000 and $450,000. The next year, with the company bankrupt, the value of those shares dropped to zero. Pence, who had only a few thousand dollars in savings, accumulated more than $600,000 in losses from the business going under, according to his 2006 tax returns.
“They’re almost twice as valuable as a regular federal pension,” says Tim Voit, a financial analyst whothat specializes in pensions. “Congress passes laws for their own benefit, and they’ll never shortchange themselves.” The rest of his assets stem almost entirely from the government as well. Pence disclosed two Indiana state-run retirement accounts, worth up to $65,000. He has also likely been saving a chunk of his federal salary through the Thrift Savings Plan, essentially a 401 for government employees. If Pence has been making regular contributions, he could have hundreds of thousands in additional funds stashed in a plan that ethics laws do not require public officials to disclose.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Pence 'not pleased' with 'send-her-back' chant, but declines to urge an endPence says both he and Trump are 'not pleased' with the 'send her back' chant that broke out at their last re-election rally.
Baca lebih lajut »
Demi Lovato and 'The Bachelorette' Star Mike Johnson Are *Definitely* Into to Each OtherDemi Lovato and Bachelorette contestant Mike Johnson have been flirting since his elimination and here's what you need to know about their relationship status.
Baca lebih lajut »
Comic-Con 2019: 'The Good Place' creator calls out Emmys for D'Arcy Carden snubKristen Bell, D’Arcy Carden, Manny Jacinto, Ted Danson, William Jackson Harper, Jameela Jamil and showrunner Mike Schur shared tidbits about the final season.
Baca lebih lajut »
Pompeo to meet with Mexico's foreign minister to discuss immigration, tradeU.S. Secretary of State Mike Pompeo will meet with Mexican Foreign Minister Marc...
Baca lebih lajut »
Pompeo expresses disappointment over Turkey's acquisition of Russian missilesU.S. Secretary of State Mike Pompeo spoke with Turkey's Foreign Minister on...
Baca lebih lajut »