I do not know what started me down this path, but it would
not let me go. In this little exercise
of basic mathematic we will take Barack H Obama, and Willard M Romney (Order of
citation determined by alphabetical order of last Name) Income Tax Number as
reported by each candidate, and see what we can see.
The Candidates Data
2010 reported Adjusted Gross Income Barack H. Obama $1,728,096.00
Dollars. Charitable Contributions $245,075.00 Dollars, Federal Income Tax paid
$416,734.00 Dollars
2011 Reported Adjusted Gross Income Barack H. Obama
$789,674.00 Dollars, Charitable Contributions $172,130.00 Dollars, Federal
Income Tax paid $162,074.00 Dollars.
2010 reported Adjusted Gross Income Willard M. Romney $21,661,344.00
Dollars, Charitable Contributions $2,983,974.00 Dollars, Federal Income Tax
paid $3.009,766.00 Dollars
2011 Reported Adjusted Gross Income Willard M. Romney
$20,901,075.00 Dollars. Charitable Contribution $$4,020,572.00 Dollars, federal
Income Tax paid $3,226,623.00 Dollars.
The First Pass
In 2010 after taxes and charitable contributions Barack H.
Obama was left with $1,066,287.00 Dollars or $2,921.33 Dollars per Day.
In 2010 after taxes and charitable contributions Willard M.
Romney was left with $15,667,604.00 Dollars or $42,924.94 Dollars per Day.
In 2011 after taxes and charitable contributions Barack H.
Obama was left with $455,470.00 Dollars or $1,247.86 Dollars per Day.
In 2011 after taxes and charitable contributions Willard M.
Romney was left with $13,653,880.00 Dollars or $37,407.89 Dollars per Day.
The Second Pass
In 2010 Willard M. Romney took 24.84 days to make what
Barack H. Obama made in 365 days.
In 2011 Willard M. Romney took 12.17 days to make what
Barack H. Obama made in 365 days
The Third Pass
How does it compare to the averages? The most recent averages I could locate were
for 2008. In 2008
John Q. Average Adjusted Gross Income, $58,006.00 Dollars. Charitable
Contributions $4,412.00 Dollars, Federal Income Tax paid $7,242.00 Dollars
(note see the below discussion as to how these number were developed).
In 2008 after taxes and charitable contributions John Q,
Average was left with $46,352.78 Dollars or $126.99 Dollars per day.
For the sake of argument agree that these number are going
to be in the ballpark (+/- 10 Percent) for 2010 and 2011, in other words they
are not going to change by an order of magnitude.
In 2010 Willard M. Romney would require only 1.079 Days to
make what John Q. Average made in 365 days.
In 2010 Barack H. Obama would require only 15.87 Days to
make what John Q. Average made in 365 days.
Fourth Pass
We could flip it around the other way. John Q. Average would have to work 338 days
to make what Willard M. Romney made in 1 day in 2010. John Q. Average would have to work 23 days to
make what Barack H. Obama made in 1 day in 2010.
End of the Trail
These are just numbers and simple calculation done by a
simple old man what you do with them is up to you, what if any conclusions you
draw from them are entirely up to you.
They are just something to think about.
(How John Q. Average numbers were developed for those who
are interested)
The latest data I could find is available from the United
State Government is “The 2012 Statistical Abstract, The National Data Book”
link below
In particular reports number 488, “Individual Income Tax
Returns—Number, Income Tax, and Average Tax by Size of Adjusted Gross Income”
and number 489” Federal Individual Income Tax Returns—Selected Itemized
Deductions and the Standard Deduction”.
The most current reporting period is for the year 2008, but
it should be close enough for practical purposes in this comparison. (I do not
anticipate an order of magnitude change between 2008, and or 2010 and 2011.)
In 2008 there were 142,450,569 tax returns filed in the
United States (That in it self is a pretty amazing number), the aggregate
reported AGI was $8,264,000,000,000.00 Dollars for an average of $58,006.00
Dollar per return filed. In 2008 a total
of $1,031,580,923,000.00 Dollars of Federal Income taxes was reported as
collected. In 2008 there was an average
of $7,242,00 Dollars per tax collected for each return filed. Finally in 2008 a total of 39,200,000 tax
returns were filled with itemized cash charitable contribution (Again an
amazing number). A total of
$172,936,000,000.00 dollars of charitable contributions were reported on these
filed tax returns, or $4,412.00 Dollars of Charitable Contribution per file tax
return with an itemized charitable contribution.
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