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.