U.S. Vice President Kamala Devi Harris and her husband reported more than $2 million in income on their 2018 federal tax return. The majority of their income came from her husband’s work as a partner at the law firm DLA Piper LLP. This article will go through Kamala Harris’ net worth.
As a U.S. Senator, Kamala Harris earned $157,352 in salary. Her husband, Douglas Emhoff, reported taxable income of $1.8 million for 2018. Their 2019 taxable income is not yet available as of 3Q2020.
In addition to Senator Harris' $157,352 salary, Harris also reported earning $320,000 from her book “The Truths We Hold: An American Journey.” The couple will most likely earn another $2 million or more in 2019.
The couple paid $697,611 in taxes in 2018 with an effective rate of 38.4 percent. It's great to see they are paying their fair share and not just trying to raise taxes on the wealthy without paying more themselves.
Senator Harris voluntarily released 15 years' worth of tax returns as part of her failed Presidential nomination bid. Good thing for her that Joe Biden, on August 11, 2020, picked Senator Harris to be his Vice President.
Kamala Harris' Net Worth
According to the LA Times, Senator Harris had a net worth of only about $391,100 in 2017. This seems highly understated given her years of work experience, her wealthy husband, and her lack of dependents since she does not have children.
Before being elected to the Senate in 2016, Harris served as the California attorney general and as the San Francisco district attorney. She’s scheduled to campaign in the important early-voting state of South Carolina this week.
The LA Times in 2019, reported that Senator Harris had $2 million in assets. Her assets included at least $250,000 in savings and a San Francisco Employees Retirement account from her time as city and county district attorney. Her liabilities included a mortgage of at least $1 million.
Below is a snap shot of Kamala Harris' net worth.
It is a possibility that after almost three decades of work experience, Vice Presidential candidate Kamala Harris only has a net worth of $391,100.
However, it is more than likely Senator Harris has a net worth of at least $1 million on her own. Combined with her law partner husband, they should be worth millions.
Remember, Senator Harris and her husband reported more than $2 million in income alone in 2018. When their 2019 income is reported, it will likely be a similar $2 million. Kamala Harris' salary is static as a Senator and 2019 was a good year in the economy for lawyers.
Harris did disclose that she personally made $277,763 in income in 2019 in her latest Senate financial disclosure, all from book publishing advances.
Unless Vice Presidential candidate Kamala Harris is an extremely extravagant and wasteful person, Kamala Harris' individual net worth to be at least $2 million as of August 13, 2020.
If you are to combine Harris' net worth with her husband, Douglas Emhoff's net worth, a partner at the big international law firm DLA Piper, the household should have a net worth in excess of $10 million.
Kamala Harris' household net worth of over $10 million should not come as a surprise given decades of work experience and high income levels.
Even if the Harris household earning “only” $1 million a year for 20 years, the household would have made $20 million gross or about $12 million after taxes. If they saved and invested $300,000 a year and returned only 5% for 20 years, they would have over $20 million a year.
But the Harris household has been making closer to $2 million a year for over a decade. Therefore, there is no doubt in my mind Kamala Harris and her husband are worth much more than $10 million a year.
Areas Of Interest
One area that may be interesting for Senator Harris is investing in real estate crowdfunding. After the 2012 JOBS Act passed, investors such as Harris and other retail investors are able to invest in commercial property all around the country.
Fundrise is the best platform today that allows you to strategically invest in some of the best real estate deals around the country. Real estate is one of the most tried and true ways to build great wealth in America.
The opportunities to make lots of money for Kamala Harris are endless, especially if she gets far in the primaries.
What Vice President Kamala Harris Ran On
As a long time fellow San Francisco resident, VP Harris has focused her message around progressive economics and social justice issues for immigrants, African Americans and the LGBT community. She has proposed cutting taxes for middle-income and low-income families by providing tax credits and direct payments to those households.
Harris opposed the Tax Cuts and Jobs Act of 2017, and has called for a repeal of the bill's tax cuts for wealthy Americans. In 2018, she proposed a tax cut for the majority of working- and middle-class Americans. She proposed to pay for the tax cuts by repealing tax cuts for wealthy Americans and by increasing taxes on corporations
Fun fact. In the mid-1990s, VP Harris dated Speaker of the California State Assembly and San Francisco Mayor Willie Brown for seven months. He appointed her to a job at the California Medical Assistance Commission. From there, her career took off.
Kamala Harris’ net worth has the potential to really increase due to her VP role. There will be a tremendous amount of interest in Kamala Harris to sign a book deal worth millions.
I've personally signed a six-figure book deal with Penguin RandomHouse. I'm a relative nobody compared to Kamala Harris, despite having over 1.5 million pageviews a month on Financial Samurai. Therefore, Kamala Harris has the potential to sign a $5+ million book deal.
With proper saving and investing, I expect Kamala Harris’ individual net worth to increase to over $10 million by the year 2025. As a result, Kamala and her husband should have a net worth of at least $20 million by then, if not already.
Recommendation To Build Wealth
Kamala Harris' net worth is likely much higher than reported. There is no doubt in my mind that Kamala Harris is a multi-millionaire.
If you want to grow your net worth as high as Kamala's,I recommend signing up for Personal Capital, the web’s #1 free wealth management tool. It will help you get a better handle on your finances. In addition to better money oversight, run your investments through their award-winning Investment Checkup tool. It will show you exactly how much you are paying in fees.
After you link all your accounts, use their Retirement Planning calculator. It pulls your real data to give you as pure an estimation of your financial future as possible. I’ve been using Personal Capital since 2012 and have seen my net worth skyrocket during this time. The more you can stay on top of your finances, the higher your net worth will grow.
Kamala Harris Net Worth And Income Is A Financial Samurai original post.