60 days, 60 stats - #5

Today's comparison is around personal finances.  Here is a comparison of Mitt, Barack, and an "average" American family.  I especially like that Romney's "wages" number is $0 - the man literally does not have a job. Hasn't had one for years, actually.  Another point is that, if you want to vote for the "poor" candidate, you can't vote for Obama either - his $600K after tax income places him WELL within the top 1%.



President Obama
Income
Wages: $394,821
Other income: $449,764
Adjusted gross income (AGI): $789,674 (Obama's adjusted gross income was reduced $54,911 by adjustments that partially offset wages and other income)
Minus exemptions, deductions: $293,298
Equals taxable income: $496,376

Taxes paid
Income taxes (19.02% of AGI): $150,253
Payroll tax (4.35% of AGI; Payroll tax includes employee and employer share): $34,378
Tax rate (19.02% + 4.35%): 23.37%.
Federal tax paid: $184,631
After-tax income: $605,043

Mitt Romney
Income
Wages: 0
Business income: $110,500
Other income (34.2% tax rate): $9,274,725
Capital gains, dividends (15% tax rate): $11,515,850
Adjusted gross income (AGI): $20,901,075
Minus exemptions, deductions: $5,695,579
Taxable income: $15,205,496

Taxes paid
Income taxes (15.37% of AGI): $3,213,051
Payroll taxes (0.06% of AGI; Payroll tax includes employee and employer share): $13,572
Tax rate (15.37% + 0.06%): 15.4%
Federal tax paid: $3,226,623
After-tax income: $17,674,452

Typical middle-income couple, two dependent children
Income
Wages: $69,700
Other income : $100
Adjusted gross income (AGI) : $69,800
Exemptions, deductions : $29,000
Equals taxable income: $40,800

Taxes paid
Income tax (3.45% of AGI): $2,410
Payroll tax (13.27% of AGI; Payroll tax includes employee and employer share): $9.270
Tax rate (3.45% + 13.27%): 16.72%
Federal tax paid: $11,680
After-tax income: $58,120