There’s a lot of talk about how the MAGA-backed Big Bullshit Bill is going to do a reverse Robin Hood and rob from the poor to give to the rich. But who exactly in the Bluegrass State fits into the rich category? From Finance Band:
Every year since 2017, Charles Schwab has conducted its Modern Wealth Survey, which asks Americans about both their actual finances and their beliefs about money. In 2024, Americans stated that the average net worth they consider “wealthy” is $2.5 million.
What net worth is considered wealthy?
According to Schwab’s 2024 Modern Wealth Survey, Americans said that it takes an average net worth of $2.5 million to qualify a person as being wealthy, a bit of an uptick from $2.2 million in the surveys from 2022 and 2023.
What is the net worth of the top 5%?
According to recent data from the Federal Reserve, a net worth of at least $3,795,000 places you among the coveted top 5% of U.S. households. While this may seem like a substantial sum, it pales compared to the ultra-affluent’s stratospheric wealth.
Meanwhile, Windfall.com goes state by state to determine the minimum net worth of each state’s top 1%.
Its analysis for Kentucky:
– Minimum net worth of the state’s top 1%: $1,562,419 (593.9% more than median net worth)
– Median net worth of all Kentucky homeowners: $225,180
– Homeowners with net worth of $1 million or more: 98,823
– 2019 total population: 4,467,673
Since the minimum net worth of the Bluegrass State’s top 1% isn’t even near the perceived $2.5 million that Americans consider “wealthy” and doesn’t even reach half of what the Fed designates for the top 5% of U.S. households, this probably means even those who are in Kentucky’s top 1% won’t get the windfall that will go to the super wealthy.
But who in the Kentucky congressional delegation can expect to reap the rewards of taking away people’s health care and snap benefits? This appeared in the Cincinnati Enquirer in 2024.
Senate Minority Leader Mitch McConnell, 82, is the richest of any congressional member representing the Greater Cincinnati region. His net worth was between $15 million and $62 million in 2022, based on the most recent report he filed in May 2023. The Louisville Republican also represents Northern Kentucky as Kentucky’s senior senator.
Much of his fortune derives from his marriage to Elaine Chao, the daughter of a shipping magnate James Chao. Elaine Chao and McConnell received an inheritance valued between $5 million and $25 million in 2007 when her mother died, the Washington Post reported.
And …
Rep. Thomas Massie doesn’t blend in on Capitol Hill. The Republican drives a Tesla from his off-the-grid farm in Lewis County, Kentucky, to the Capitol. Once there, he is often the lone “no” vote on measures, earning him the nickname “Mr. No.” He’s challenged the leadership in his own party, most recently leading a failed effort with Georgia Rep. Marjorie Taylor Greene to oust Speaker of the House Mike Johnson.
His off-the-grid farm in the rural town of Garrison, Kentucky, is worth $1 million to $5 million, which makes up a bulk of his net wealth, valued at between $846,000 and $4.6 million. The house, which he built himself, is powered by solar panels that in turn feed into a salvaged battery from a wrecked Tesla.
He also owns $15,000 to $50,000 in Tesla stock.
At least Massie voted against the Big Bullshit Bill, but he wins out either way.
Meanwhile, here are the financial disclosure reports filed by each of Kentucky’s six House members:
Morgan McGarvey (3rd) (filled out numerous forms, for more details, click here and enter his name.
Hal Rogers (5th) (filled out numerous forms, for more details, click here and enter his name.
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