OK we know everyone’s tired of seeing articles about the political impact of our new President, so we thought why not add some personal finance to one of the most reiterated news flash every weekend: TRUMP IS SPENDING OUR TAX MONEY TO GO ON GOLF TRIPS TO HIS PRIVATE CLUB.
For those who are unfamiliar, the basics from many of the news articles we continue seeing is this: Trump is on pace to spend more than the Obama’s did on travel in his first year of presidency as Obama did in 8. The funniest part of it all is he has spent like 8 weekends playing golf, and each article quotes him talking trash to Obama on how much vacation he took. This really got us thinking…how many Americans would it take in different income brackets to pay for it?
The Travel Numbers
According the CNN article in the resources below, Trump has spent 21.6 million dollars on travel in his first 80 days of presidency. Here are some interesting numbers based on the claim:
- Amount per day:$262,500
- Amount per year: $95,812,500
- Amount for first term: $383,250,000
This means Donald Trump would have to donate 958 years of his 400K president salary to cover his own travel cost. But guess who pays for these trips instead? That’s right, us, US tax payers.
Americans and Tax
We did a little digging on the American Fact Finder to get some data for 2015. Let us start with the estimates and calculations we did.
- Retrieved total households, with income ranges by percentage.
- Calculated the number of households for each range based on those percentages
- Calculated the middle income for each range. total / 2
- Looked up average 401(k) contributions from Fool.com, then calculated average contributions for the middle-income ranges
- Calculated average federal taxes paid per person using #3 and #4 in this calculator
- Calculated the number of households for each range it takes to pay for Donald Trumps travel based on the average taxes paid per household
The result really makes it more real to us on just how much this dude is spending. If he donated that 90 mill each year equally among 90 of the personal finance blogs looking for financial independence, they could all live on 35K-40K a year!
The comparisons on how he could use this money to help the budget or fund important things like education could be made. We won’t be getting to that here though and hope this enlightens us all to the amount of money he’s currently on pace to spend.
Do the Dukes Hate Paying Taxes?
No. Do we try to reduce them to help us invest and save more? Of course. The way we look at it is this: in America, even low-income citizens are doing well on the global rich list.
15K annual income:
In a wealthy country like the US, we have no gripe about paying taxes to help those in need get on their way. We have our basic needs covered with iPhones, computers, and other things that we take for granted, paying taxes for society to grow is no problemo. Paying taxes on things like travel when unnecessary, that might just lead to a different story.
We would rather see that money put to better use, strictly from the ROI perspective, not political when we are working to contribute those dollars. With that being said, the numbers speak for themselves! It is always fun to put huge numbers in perspective to change our view on the amounts.
Let us know what you think of leaving a comment below! Want to inform others of these numbers? Share this on social media!
- Smart Asset Income Tax Calculator
- Average 401(k) contributions by income/age
- Donald Trump’s Travel Costs
Disclaimer -> This post is not one to take political sides, it is for informative purposes on the cost of He Who Must Not Be Named’s travel expenses.