Obamas v. Romneys: What their personal finances reveal
As the months draw closer to Election Day, where the mudslinging usually gets a little dirtier, the First Family has revealed personal financial information. How do they stack up next to the Romneys? Let's take a peak.
It's no secret that presidential candidate Mitt Romney is a very wealthy man and President Obama is not exactly counting pennies either, but there is still a gaping chasm between the two families' net worth.
According to Tuesday's White House report, the Obamas are worth between $2.6 and $8.3 million. It seems their net-worth has taken a dive, for their 2010 assets were calculated to be around $1.8 and $12 million.
Though in the millionaire club, which is more than most of Main Street's 99 percenters can say, the Obamas' assets pale in comparison to the Romneys. The First Family's holdings are just a mere drop in the bucket compared to the ex-venture capitalist's $190 to $250 million net worth.
Romney reluctantly released his tax returns after his opponents hammered away at him to do so. It showed what most of us already knew--his off-shore accounts in the tropical Caribbean Cayman Islands and the frosty City of Zurich, Switzerland. Incidentally, these holdings weren't in his 2010 disclosures, which only serves to add to the "tax-evading," "corporate raider," "out of touch with the common man" reputation which continues to plague him.
The ex-Massachusetts governor's wealth has been an issue on the campaign trail, with even his fellow Republican opponents poking continuous jabs at how he made his money. The Democrats have and will continue to use that to their advantage, especially since the country is in dire economic straits and the super-rich is definitely not popular at the moment.
President Obama's report shows he has some $500,000 to $1 million in a checking account at J.P. Morgan Chase. Hope that bank's recent $2 billion losses doesn't affect his "nest-egg."
They also have some Treasury Bills together worth about half a million to one million dollars and Treasury Notes amounting to between $1 million and $5 million along with retirement assets.
A 30-year-mortage with a low 5.625 percent.interest rate still exist on their Chicago home, worth $500,000 to $1 million. Royalties from his popular books, "The Audacity of Hope," "Songs From My Father" and "Of Thee I Sing" totals approximated $250,000 to $2.1 million.
As I mentioned before, rich is certainly not popular in these stressful economic climates, so be prepared to hear more on "Rich Romney" later on the campaign trail, especially when he supports continuing the Bush era tax breaks for the wealthy and President Obama wants to discontinue it--saying on several occasions that "everyone needs to pay their fair share."
Removing the cap on Social Security wage base beyond the $110,100, might be one more thing the Obama administration could push for--help put some more money in the program's coffers?
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