Mitt Money Mo' Problems

I don't even know where to start on Mitt Romney's tax returns, which were conveniently released on the day that the State of the Union was sure to steal the media's attention.

Mitt Romney's effective tax rate is 13.9%. United States citizens who make less than $8,500 a year pay a tax rate of 10%, and people who make less than $34,500 pay 15%.  Which means that he's paying a smaller percentage of taxes than someone working full time at the Federal Minimum Wage of $7.25 an hour.  (7.25 x 40 x 52 = $15,080).

Not spending money Saving and investing is not harder than working an hourly job.  Mitt Romney could wake up each morning at 6AM, drink two bottles of Nyquil and go back to sleep and he still would have earned $57,000 a day.  What hourly worker paying 15% taxes can say the same about their job?

Slate.com has a lovely little calculator to show how long Mitt would have to work in order to earn your salary. Romney made my annual salary of approximately $19,000 in 7 hours, 41 minutes, and 1 second.  Alternately, I'd just have to work a little over 1,140 years to earn what he pulled in in 2010.

And if Romney wins and is able to enact his tax plan, he'd pay 40% less than he would otherwise pay in 2013 (assuming the Bush Tax cuts expire and the Affordable Care Act's tax on investment income is enacted as planned).

The good news about all this? There's no way this can't hurt Romney with 99% of voters.  (Read: voters who self-identify as part of the 99%.  There's a surprisingly high portion of 99%er's who come to the defense of billionaires.)  Obama can easily use this against Romney, as will Newt, Santorum, and less likely Ron Paul.

Of course, Jon Stewart probably has the best take on it.  Click play.