The all-American working man demeanor of Tim WalzāKamala Harrisās new running mateālooks like itās not just an act.
Financial disclosures show Tim Walz barely has any assets to his name. No stocks, bonds, or even property to call his own. Together with his wife, Gwen, his net worth is $330,000, according to aĀ reportĀ by theĀ Wall Street JournalĀ citing financial disclosures from 2019, the year after he became Minnesota governor.
With that kind of meager nest egg, he would be more or less in line with theĀ median figureĀ for Americans his age (heās 60), and even poorer than the average. One in 15 Americans is a millionaire, a recent UBS wealth reportĀ discovered.
Meanwhile, the gross annual income of Walz and his wife, Gwen, amounted to $166,719 before tax in 2022, according to their joint return filed that same year. Walz is even entitled to earn more than the $127,629Ā salary he receivesĀ as state governor, but he has elected not to receive the roughly $22,000 difference.
āWalz represents the stable middle class,ā tax lawyer Megan Gorman, who authored a book on the personal finances of U.S. presidents, told the paper.
I missed this commment. Sorry. Also, I have talked to accountants and financial advisors that work with our union. I think because a lump sum is an option they all treat it as an asset when discussing net worth.
And Iāve mentioned several times that I understand income is not an asset. I have also mentioned several times that the pension was treated by other professional financial advisors and accountants as an asset (probably due to the lump sum option). Iām sure its treated differently if they donāt take the lump sum.
I get that if you are drawing on a pension and didnāt take the lump sum that it would be income and thus not an asset. What isnāt so clear to me is whether a pension that you are not drawing on yet but offers an option of a lump sum can be considered an asset for the purposes of calculating net worth.
Edit: I appreciate you taking the time to explain some of this. Might I suggest though that you take a little more care in how you talk to people? Youāre coming off very rude. Maybe thatās just me reading into what youāre saying, but if someone spoke to me like this in person or via email, Iād walk away.