Jim DeMint Will Probably Be Getting A 500% Raise By Taking Over The Heritage Institute

jim demint

Senator Jim DeMint announced today that he was retiring from the Senate in order to run the conservative Heritage Foundation think tank. 

He’s also probably getting quite a raise.

DeMint does not have a particularly high net worth.

According to the centre for Responsive Politics, he’s the third-poorest person in the Senate, worth only  $16,000 and $65,000.

As a Senator, he makes $174,000 per year. At Heritage, he’ll probably make at least $1 million.

We looked at the Heritage Foundation’s Form 990 they submitted to the IRS for fiscal year 2010. In it, there’s a listing of all salaries for members of the firm. 

Then-President Edwin J. Feulner Jr. made a $1,025,922 annual salary, plus $66,161 annually from “related organizational” activities.

Feulner founded the organisation in 1977. It runs on around $80 million per year. 

Were DeMint to get that salary and benefits — he must have received a generous offer if he decided to leave the Senate for a think tank gig — it would be six times what he would be making now in the Senate. 

He’d also earn his current maximum estimated net worth sixteen times a year. 

DeMint told staffers at Heritage: “Leaving the Senate to become president of The Heritage Foundation is a big promotion.” That’s actually pretty accurate, it seems.