Minnesota Governor Tim Walz, who is also the Democratic running mate of Vice President Kamala Harris, has a modest financial profile according to his most recent financial disclosure. Unlike many other politicians, Gov. Walz does not own any stocks, bonds, or real estate. His primary source of income is his salary as the governor of Minnesota, which amounts to $127,629 annually. Interestingly, Gov. Walz was eligible for a pay raise last year that would have increased his salary to $149,550, but he opted not to accept it.
When comparing Gov. Walz’s financial situation to other politicians, a striking contrast emerges. For instance, Republican presidential nominee Donald Trump is known to be a billionaire with vast holdings. Similarly, Sen. JD Vance of Ohio, who is Trump’s running mate, has a net worth estimated to be between $3 million and $10 million. On the Democratic side, Vice Presidential nominee Kamala Harris has investments ranging from $800,000 to $1.75 million in securities, along with personal cash holdings between $550,000 and $1.1 million. Her husband, Doug Emhoff, also has significant investments and cash reserves.
After being elected as governor in 2019, Gov. Walz and his wife sold their home in Mankato, Minnesota, where they had resided since 1997. The four-bedroom house was sold for $315,000, a significant increase from the $145,000 they originally paid for it. Subsequently, the couple moved into the governor’s mansion. Notably, Gov. Walz’s financial disclosures do not include specific details about cash in bank accounts. However, his previous financial disclosures from his time in the U.S. House of Representatives shed some light on his financial activities.
During his tenure in the House of Representatives, Gov. Walz sold investments in Roth individual retirement accounts (IRAs) valued between $1,001 and $15,000. These sales were also done by his wife, Gwen, who owned similar Roth IRAs. Additionally, Gov. Walz disclosed having a tax-deferred account worth between $1,000 and $15,000 for his children’s education. Furthermore, he and his wife had assets in Education Minnesota pension plans, as well as whole life insurance policies valued between $15,000 and $50,000 each. Interestingly, the disclosures indicate that Gov. Walz made regular payments towards the value of the whole life insurance policies until 2013, at which point the payments ceased.
It is noteworthy that a spokesman for the Harris-Walz campaign did not provide immediate comments on Gov. Walz’s financial disclosures. However, it was mentioned that a new disclosure report is expected to be filed as a federal candidate within the next 30 days. This upcoming report could provide additional insights into Gov. Walz’s financial standing and investments.
Governor Tim Walz’s financial profile reflects a relatively modest approach to personal finances, characterized by limited investments and a focus on public service. As he continues his political career, further disclosures may offer a more comprehensive view of his financial activities and decisions.
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