Wednesday, January 18, 2012

$708,333: Mitt Romney's Monthly Paycheck (After Taxes).

Let's do a rough calculation, shall we, on how much Mitt Romney brought home in income last year and how much tax he paid.

The main number thrown around is that Mitt Romney is worth 250 million dollars.  Let's be conservative and say that it's 200 million.  And then let's speculate that he was able to make 5% return on that wealth last year, which I think is probably very conservative as well.

That would be $200 million x 5% equals $10 million annually.  That's a monthly paycheck of $833,333.33.  Four times a year he would be sending into the IRS a self-estimated tax payment of $375,000 (assuming 15% tax rate for him, which he just affirmed yesterday).  That would leave a monthly net income of $708,333.00.

So, in a month's time, Mitt takes home--from just investments alone, since he's not working now--about 288 times what my wife brings home from teaching her class of 3rd graders.  And he pays a lower tax rate than she does.  (And it's actually likely that he makes more than this, since I've been very conservative in my estimates here.)

Interesting.  How exactly would you go about spending $708,333 a month?  I'd love to see his family budget.

Update: Oh, and he made $374,000 in speaking fees last year.  "Not very much", he says.  Really.

Can we now conclude that, for him and people like him, there is no economic crisis in America?  Things are just FINE.

1 comment:

  1. And that is the problem. However, not all the rich and the very very rich view America's income inequality the same way and for that they are derided. I'm speaking of Warren Buffet and George Soros and other millionaires at -