ECONOMIC DETERMINISM: The 50 Richest Members of Congress — 112th : Roll Call

The 50 Richest Members of Congress

(2011)

1. Rep. Michael McCaul (R-Texas) $294.21 Million

   

• Assets

  $294.21 Million

• Liabilities

  $0.00 Million

• Change

  298.9% 

When McCaul first appeared on Roll Call’s annual survey of the 50 Richest Members of Congress in 2005, he was a wealthy guy, reporting a minimum net worth of about $12 million. 

His financial disclosure report now depicts a fortune worth almost 25 times that amount, making him the wealthiest Member of Congress, at least on paper.

McCaul ranked fifth among last year’s class of richest lawmakers, with a minimum net worth of at least $73.75 million, but has since risen to more than $294 million.

The lion’s share of McCaul’s wealth is held by his wife, Linda McCaul, the daughter of Clear Channel Communications CEO and founder Lowry Mays, and the Congressman’s dramatic rise in net worth in 2010 appears to be the product of generational wealth transfer.

A footnote to McCaul’s newest report noted that “certain assets” owned by his spouse were “acquired via a gift from spouse’s parents.” The accounts were not identified.

On his financial disclosure, McCaul listed a new asset — the Linda McCaul Descendant Trusts — owned by his wife that was valued at more than $50 million. According to his report, that trust was invested in several other family partnerships.

McCaul, likewise, added two trusts under the ownership of his dependent children, including one trust valued at $25 million to $50 million and another at $1 million to $5 million.

Another of Linda McCaul’s investment accounts also appears to have doubled in value, moving from a minimum worth of $25 million to a minimum of $50 million.

The 50 Richest Members of Congress — 112th : Roll Call:

***

Michael Thomas McCaul, Sr. (born January 14, 1962) is the U.S. Representative for Texas's 10th congressional district, serving since 2005. Since the beginning of the 113th Congress, he has been the Chairman of the House Committee on Homeland Security. He is a member of the Republican Party. The district stretches from Austin to Houston. As of 2012^[update] he is one of the wealthiest members of Congress.

McCaul was born in Dallas, Texas, the son of Frances Jane (Lott) and James Addington McCaul, Jr. He has English, Irish, and German ancestry. He graduated from Jesuit College Preparatory School of Dallas. He earned a Bachelor of Arts in history from San Antonio's Trinity University in 1984 and his Juris Doctor from St. Mary's University in 1987. McCaul also attended Harvard University, taking courses in the Kennedy School of Government.

McCaul is married to Linda Mays McCaul. She is the daughter of Clear Channel Communications chairman Lowry Mays and sister of its CEO Mark Mays. In 2011, Roll Call named McCaul as one of the wealthiest members of the United States Congress, surpassing then U.S. Senator John Kerry (D-MA). His net worth was estimated at $294 million, which is approximately 300% higher than it was in the previous year ($74 million). In 2004, Roll Call estimated his net worth at just $12 million. His wealth increase was due to large monetary transfers from his wife's family. Michael and Linda live in the city of West Lake Hills, Texas which is a wealthy suburb of Austin, Texas with their children, daughters Caroline, Jewell, Avery, and Lauren, and a son, Michael.

***
How interesting..?

We were born the same day.  

THERE ARE TWO TYPE OF PEOPLE IN THIS WORLD; 

VICTIMS AND VOLUNTEERS.

~(69)~

AFTER THE AGE OF SEVEN...

WE ARE PRETTY MUCH ALL VOLUNTEERS.

ONCE YOU CAN PICTURE OUR UNIVERSE 

AS MATTER EXPANDING INTO NOTHING THAT 

IS SOMETHING; 

WEARING STRIPES WITH PLAID COMES EASY.

 ~(Albert Einstein)~