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(reposted from This DailyKos story.)
Slate has produced a Romney income calculator that lets us find out how many hours or days it took Mitt Romney to match our incomes in 2010, and it is good fun to plug in different numbers to get multiple perspectives on just how ridiculously rich Romney is. (Find it HERE)
For instance, in 2010 it took Mitt Romney 10 hours and 40 minutes to earn the median individual income of $26,400. It took him 16 hours and nine minutes to earn the mean income of $39,959. It took him three days, eight hours, and 53 minutes to earn the $200,000 that by some measures puts you in the top 1 percent; or five days, 19 hours, and seven minutes to earn the $344,000 that puts you in the top 1 percent by another measure.
Conversely, if you earn a low-to-modest income of $40K, it would take you 541 years, 6 months, 12 days, 6 hours, 20 minutes, and 9 seconds to make what Mitt made in 2010.
And don't forget, however much more money Romney makes than you, he also quite likely pays a lower tax rate. So make your next stop the DNC's Romney tax calculator, to compare your tax rate to Romney's and find out how different your taxes would be if you paid at the rate he does. (Not included in the calculation is the cost of all the accountants and lawyers he pays to help him avoid paying taxes.)
So, how long does it take Mitt Romney to make your income, and how much would you save on taxes if, like him, you only paid 13.9 percent?
Slate has produced a Romney income calculator that lets us find out how many hours or days it took Mitt Romney to match our incomes in 2010, and it is good fun to plug in different numbers to get multiple perspectives on just how ridiculously rich Romney is. (Find it HERE)
For instance, in 2010 it took Mitt Romney 10 hours and 40 minutes to earn the median individual income of $26,400. It took him 16 hours and nine minutes to earn the mean income of $39,959. It took him three days, eight hours, and 53 minutes to earn the $200,000 that by some measures puts you in the top 1 percent; or five days, 19 hours, and seven minutes to earn the $344,000 that puts you in the top 1 percent by another measure.
Conversely, if you earn a low-to-modest income of $40K, it would take you 541 years, 6 months, 12 days, 6 hours, 20 minutes, and 9 seconds to make what Mitt made in 2010.
And don't forget, however much more money Romney makes than you, he also quite likely pays a lower tax rate. So make your next stop the DNC's Romney tax calculator, to compare your tax rate to Romney's and find out how different your taxes would be if you paid at the rate he does. (Not included in the calculation is the cost of all the accountants and lawyers he pays to help him avoid paying taxes.)
So, how long does it take Mitt Romney to make your income, and how much would you save on taxes if, like him, you only paid 13.9 percent?