The fall-out commentary over Mitt Romney’s “47 percent” comment has been fascinating for a number of reasons, but perhaps most of all because it has raised good questions of who actually pays for government and who benefits.
For those who want to dig deeper into these questions, there is a great new website that estimates the actual impacts of the Romney and Obama tax plans: Politify.
Based on Politify’s calculations, 69.8% of Americans would financially benefit more from the Obama plan, as compared to 30.2% under the Romney plan.
Where this really hits home is when you put in numbers for families. At the U.S. median income levels, the Obama plan gives a family of four a few thousand/year more than the Romney plan. At a $1 million annual salary, the Romney plan gives that same family of four $90,000 more than Obama.
I know everyone is getting tired of all the political bashings ridiculousnesses going around so I’ll aim for this to be my last election-related post until November 6th. But I really did think this site was incredibly interesting. As in, I pulled up my 2011 tax return and plugged in actual numbers… hello, type-A personality.
We all know how I feel about the non-economic issues of the day. But I may have hidden the fact that I always joked that I would become a republican when I hit the millionaire status (big dreams people…. big dreams!) After all, I’m straight, married, am not opposed to having a child right now, have health insurance, etc. so the beliefs I feel the most strongly about don’t really change the plethora of options that I am fortunate enough to have. It would just be a fight with my conscience is all.
Separately, earlier this week I was looking at my financial information. Now, I’m a little ridiculous when it comes to my finances. We’re talking about 20 different tabs in an excel file that’s updated bi-monthly, some of which forecast out different expect financial results over the course of the next 10 years. Kinda extreme? I also reconcile everything to the penny. Deposit $0.50 in a parking meter? I record that. I possibly need to seek psychiatric help for this. This is also why Ryan probably pays for a lot of things in cash… to avoid the monthly sit down of discussing every item on our credit cards. So this week I was looking into some of these forecasted metrics. And I hit depression mode bad. I don’t remember ever feeling so disheartened, depressed, and disappointed. Dreams like being able to afford to have kids, move back to Hawaii, or just move to a neighborhood where their aren’t so many drug deals going down in the nearby KFC, or in my neighbor’s condo seemed hopeless.
So back to the Politify website. I actually benefit under the Romney Plan more than the Obama plan. I was shocked. And it put things into perspective. I was so upset this week by my financial status that I couldn’t bear to just stew in it and so I actually went out for a LONG run (which for me was about 26 minutes – sad, but still such a first for me!) to vent my angst. And if that’s how I feel, I’d rather get a couple thousand dollars less back as a benefit then negatively impact 68.9% of Americans that are struggling more than I am.
I read the results from the Politify website out loud to Ryan and asked if he would change his mind about voting for Obama. He blew a raspberry at me. A little less loquacious than this lengthy post (sorry about that!) but summed it up quite nicely.