Mitch McConnell Net Worth 2022 – Salary, Income, Earnings

Mitch McConnell Net Worth 

Mitch McConnell has an estimated net worth of $35 million. Mitch McConnell is a longtime Republican U.S. Senator from Kentucky. He was named Senate majority leader in 2014. Much of his wealth comes from an inheritance. His wife Elaine Chao’s father is a wealthy shipping magnate whose company, Foremost Group, is valued at $1.2 billion before debt. The McConnells received a large inheritance when Elaine’s parents passed away.

Mitch McConnell began his political career in 1977 as the judge-executive of Kentucky’s Jefferson County. He was elected to the United States Senate as a moderate Republican in 1984, and he demonstrated political savvy that allowed him to rise to the position of minority leader in 2006.

McConnell gained national attention for his opposition to President Barack Obama’s legislative ambitions, which helped turn the tide against Democratic control of the Senate. After being elected Senate majority leader in 2014, he famously refused to hold hearings for a new Supreme Court nominee in 2016 following the death of Justice Antonin Scalia.

To calculate the net worth of Mitch McConnell, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as student loans and credit card debt, are included in total liabilities.

Here’s the breakdown of his net worth:

Name: Mitch McConnell
Net Worth: $35 Million
Monthly Salary: $20,000
Annual Income: $1 Million
Source of Wealth: Lawyer, Politician

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Early Years and Education

Addison Mitchell McConnell Jr. was born in Sheffield, Alabama on February 20, 1942. After contracting polio at the age of two, he recovered thanks to his mother’s intensive therapy sessions, eventually becoming a talented baseball player.

Addison Srnew .’s job relocated the family to Louisville, Kentucky, where McConnell was elected student body president at duPont Manual High School. He held the same position at the University of Louisville before earning a B.A. in history with honors in 1964. He received his J.D. from the University of Kentucky College of Law in 1967.

Early Political Career

In the mid-1960s, McConnell began his political career by interning for Kentucky Congressman Gene Snyder and Senator John Sherman Cooper. After law school, he worked as a chief legislative assistant for Senator Marlow Cook before becoming a deputy assistant attorney general to President Gerald Ford.

McConnell was elected as the judge-executive of Kentucky’s Jefferson County for the first time in 1977. Early in his career, as a moderate Republican, he supported collective bargaining rights for public employees and directed federal funds toward the expansion of Jefferson Memorial Forest.

McConnell defeated Walter D. Huddleston for a Senate seat in 1984, making him the only Republican in the country to defeat an incumbent Democratic senator that year, as well as the first member of his party to win a statewide race since 1968.

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U.S. Senator

McConnell served on the Senate Foreign Relations Committee and advocated for tax reform during his first term in the Senate. After being re-elected in 1990, he became known for his opposition to campaign finance reform, and he successfully led an effort to block legislation on the subject in 1994.

When he was named chairman of the National Republican Senatorial Committee in 1996, McConnell continued to go against the grain at appropriate times. Following the passage of the bipartisan McCain-Feingold Act in 2002, he sued the Federal Election Commission, and in 2006, he opposed a constitutional amendment prohibiting flag desecration.

By that time, the junior Kentucky senator had gained notoriety for his political savvy and ability to forge coalitions. In 2002, he was elected party whip, and four years later, he became Senate minority leader.

Republican Leader and Opposition to President Obama

As the Senate’s top Republican, McConnell rejected the Democratic push for a timetable for troop withdrawal from Iraq. In late 2008, he backed the Troubled Asset Relief Program, which was signed into law by outgoing President George W. Bush.

After President Barack Obama’s election in 2008 gave Democrats control of the White House and both houses of Congress, McConnell focused on obstructing the new commander-in-chief whenever possible. Most notably, he fought against the passage of the American Recovery and Reinvestment Act of 2009, as well as the Affordable Care Act (also known as “Obamacare”) in 2010.

In addition, he opposed the closure of the Guantanamo Bay detention camp, delayed approval of Obama’s judicial nominees, and rejected a slew of other Obama-era legislation.

In a 2010 interview with the National Journal, he stated explicitly his party’s strategy: “The single most important thing we want to achieve is for President Obama to be a one-term president.”

While McConnell did not meet that target, he did benefit from the Republican takeover of the House in 2010. Despite Democrats’ push for gun control legislation following the December 2012 Sandy Hook Elementary School massacre, McConnell voted against a 2013 bill that would have expanded background checks for gun purchases.

He persisted in pushing the Republican narrative of wasteful Democratic spending, fueling an ongoing dispute over the federal debt limit that eventually forced him to agree to a deal to end a government shutdown in October 2013. Despite infuriating the Tea Party faction of the Republican Party, McConnell survived the ensuing power struggle that brought down top House Republicans Eric Cantor and John Boehner. His re-election to the Senate in 2014 capped another wave of Republican gains, granting him the long-coveted position of Senate majority leader.

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Majority Leader and Supreme Court Controversy

With the votes in his favor, McConnell focused on new legislation. He oversaw Senate passage of a five-year highway bill, struck deals to reform education and social security, and pushed for legislation to combat the opioid epidemic. He also served as the senior member of the Agriculture, Appropriations, and Rules Committees.

Following the death of Supreme Court Justice Scalia in February 2016, the Senate leader famously obstructed President Obama once more. With an Obama appointment expected to tilt the Court to the left, McConnell declared that “the American people should have a voice in the selection of their next Supreme Court Justice,” and then refused to allow Merrick Garland’s nomination to be heard.

Despite criticism from both sides of the aisle, McConnell’s gamble paid off when Donald Trump was elected president in November 2016, ensuring the nomination and confirmation of conservative favorite Neil Gorsuch.

Trump Administration: Obamacare Repeal, Tax Reform, Wall Vote

With President Trump in office, McConnell and his Republican colleagues began their long-promised repeal of Obamacare. After a few hiccups, the House passed its version of repeal legislation in May 2017. The Senate bill, however, did not gain enough traction to get over the hump, and with the defections of independent-minded Republican senators such as John McCain and Susan Collins, McConnell was forced to delay holding a vote before suffering a rare public defeat when the revised version was rejected in July.

The failed bill heightened tensions between McConnell and Trump, who were already divided over the direction of the Republican Party. McConnell, on the other hand, got back on track by securing the passage of a comprehensive Senate tax reform bill in early December. The $1.5 trillion tax bill passed on December 20, 2017, after he and House Speaker Paul Ryan reconciled their differences, giving Trump his first major legislative victory.

When the two parties disagreed over a temporary spending bill in January 2018, the result was a brief government shutdown. Democrats demanded new protections for “Dreamers,” the children of illegal immigrants growing up in the United States, but backed down after McConnell made a vague promise to look into the issue.

The majority leader stated in April 2018 that he would like to make the temporary individual tax cuts from the 2017 bill permanent. Around the same time, it was revealed that McConnell had allegedly sabotaged legislation from the March omnibus bill that would update congressional policy on sexual harassment due to a provision that made members financially liable for settlements brought against them.

He also addressed the thorny issue of Robert Mueller’s investigation into Russian meddling in the 2016 presidential election, with Trump reportedly irritated by the special counsel’s intrusion into other areas of his professional dealings. McConnell downplayed the significance of recent bipartisan legislation to protect special counsels and stated that he would not bring it to the floor for a vote.

In 2019, McConnell was again cornered by President Trump’s insistence on building a wall along the US-Mexico border. Following a 35-day government shutdown over the issue and a budget compromise that allocated only $1.375 billion for the wall, Trump ignored McConnell’s warnings about lukewarm Senate support and declared a national emergency in February to secure additional funding. The House then passed a resolution to repeal the national emergency, and McConnell was unable to prevent its passage in the Senate, resulting in Trump’s first veto.

After a summary of the completed Mueller report was released in March, clearing Trump of colluding with Russia — though his possible obstruction of justice remained a politically charged topic — an emboldened president announced that he was resuming the repeal and replace of Obamacare. This time, Trump heeded McConnell’s warnings that Senate Republicans had no appetite for another immediate healthcare battle, and he said he would address the issue after reelection.

That summer, the Senate majority leader broke his shoulder after falling on his patio, forcing him to work from home.

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In the fall of 2019, McConnell and his colleagues took a back seat as the country focused on President Trump’s impeachment hearings in the House of Representatives. In December, the lower chamber voted almost entirely along party lines to charge the president with abuse of power and obstruction of justice, but House Speaker Nancy Pelosi refused to immediately relay the articles of impeachment to the Republican-controlled Senate, leaving McConnell to negotiate the terms of the trial with Senate minority leader Chuck Schumer.

Beyond agreeing to hold arguments over three days rather than two, McConnell used the Republican majority to his advantage after the Senate trial began in January 2020, squashing Democratic attempts to change trial rules and call witnesses. On February 5, 2020, the Senate voted along party lines to exonerate Trump on both impeachment charges, prompting the president to praise McConnell for a “fantastic job” in a celebratory speech.

The following month, as the country was reeling from the coronavirus outbreak, McConnell and Schumer clashed once more over the components of an emergency relief bill. On March 25, the Senate unanimously passed a $2 trillion package — dubbed a “wartime level of investment in our nation” by the majority leader — that included a $500 billion lending program for businesses, cities, and states, four months of expanded unemployment insurance, and $1,200 for most American adults.

Personal Life

McConnell, a devout Baptist, wrote The Long Game about his life and political career in 2016.

McConnell and his first wife, Sherrill Redmon, have three daughters. He married his second wife, Elaine Chao, in 1993, and she later became George W. Bush’s secretary of labor. Chao was appointed Transportation Secretary by President-elect Trump in November 2016. McConnell stated that he would not recuse himself from his wife’s Senate confirmation.

Further Reading

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