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In late February 2019, the United States Senate Majority Leader Mitch McConnell had mysteriously amassed vast amounts of money in the form of $ 2.4 million.
As Senate Majority Leader, McConnell has an annual salary of $ 193,400. But the Kentucky Republic reported an influx of family wealth between $ 5 million and $ 25 million in 2008, according to his financial disclosures. It was the result of an inheritance of his wife. This information has been part of public discourse since 2014, when it became a campaign for McConnell's Democratic opponent, Allison Lundergan Grimes.
Although the meme and the campaign are likely to be as follows, they are more likely to be the result of some of the surreptitious methods, most of it is to elaine Chao Chao, who comes from a wealthy business family. McConnell and Chao married in 1993.
Chao is the daughter of James S.C. and Ruth Mulan Chu Chao. Her father is the founder of the New York-based international shipping and trading company Foremost Group – an organization her sister, Angela, chairs. How wealthy is the family? Wealthy enough to have given Harvard Business School a gift of $ 40 million in 2012.
According to the non-profit, government transparency organization Center for Responsive Politics, McConnell's net worth jumped from an estimated $ 7.8 million in 2007 to $ 17 million in 2008, owing entirely to a tax-free, money market fund wife.
As the Washington Post Reported in 2014, McConnell's increase in wealth of wealth. Chao received when he passed away in 2007.
That's almost a sevenfold increase in 10 years. McConnell has quadrupled his net worth since 2007, when it was $ 7.8 million.
So what happened in 2008? His financial disclosure form tells the story-suddenly there appeared a tax-free money market fund, valued at between $ 5 million and $ 25 million, listed as a "gift from a filer's relative." (Look at Line 2 and then Line 3.)
Indeed, a McConnell spokesman confirms that this was an inheritance for McConnell's wife, former Labor Secretary Elaine Chao, after her mother died in 2007. Chao, who married McConnell in 1993, earns significant income on her own, serving on corporate boards, and has at least $ 1 million in a Vanguard 500 Index Fund. (Since these shares are in the name, McConnell only needs to report a minimum value of $ 1 million.)
The Center for Responsive Politics estimated McConnell's net worth in 2015, the most recent figure available, to be nearly $ 27 million.
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