At Least Six Millionaires to Take Senate Oaths Tuesday [View all]

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(Bloomberg) There's no shortage of statistics to show that Congress no longer reflects the demographics of the nation it represents. That's especially true when it comes to personal finances. Of the 13 newly elected members of the Senate to be sworn in Tuesday, at least six are millionaires. That's a conservative estimate and the proportion is almost certainly higher.

Their arrival in the Senate comes as the wealth gap between the nation's top 20 percent of earners—including many members of Congress—and every other income group in America has reached its widest point in at least three decades, according to a Pew Research Center study released in December. Pew also found in a report released in October that the issue of income inequality is of growing importance to the American public. Forty-six percent of respondents said it's a “very big problem,” while 32 percent said its a “moderately” big problem.

While that might suggest Congress should make the issue a priority, underlying figures show why the gap between the public and its elected class on the need for action may actually grow: Only 19 percent of Republicans see income inequality as a major problem, compared with 59 percent of Democrats and 49 percent of independents. All but one of the incoming freshman senators are Republicans.

To identify the wealthiest new senators, Bloomberg Politics reviewed the annual disclosures of financial assets and liabilities that are required of federal candidates. Those forms offer only broad ranges for valuation, making it impossible to determine exact figures. ......................(more)

The complete piece is at: http://www.bloomberg.com/politics/articles/2015-01-06/at-least-six-millionaires-to-take-senate-oaths-tuesday