WASHINGTON — Three of the seven major contenders for the Republican senatorial nomination in California appear to be in the same millionaire class with incumbent Democrat Alan Cranston, according to financial disclosure statements filed with the Senate.
And all three--economist Arthur B. Laffer, state Assemblyman Robert W. Naylor (R-Menlo Park) and U.S. Rep. Ed Zschau (R-Los Altos)--are banking hefty investment earnings.
Zschau received between $205,000 and $600,000 in dividends, interest, rent and capital gains last year. The precise figure could not be determined because candidates are required to report individual items only in broad categories, such as $5,001 to $15,000.
Naylor received between $87,000 and $222,000 in such earnings last year.
Laffer's report has yet to arrive, but an aide said that there would be little change from the last report. It showed that, in addition to his $46,000 USC professor's salary and $511,000 in income from his consulting firm, Laffer receives between $108,000 and $355,000 a year in dividends, interest, rent and capital gains.