http://www.vox.com/policy-and-politics/2016/3/25/11293258/tax-plan-calculator-2016
The presidential candidates have wildly varying tax proposals.
Donald Trump and Ted Cruz propose massive cuts that would greatly reduce federal income taxes on everyone, especially the wealthy, while cutting a wide host of government programs. Meanwhile, Bernie Sanders proposes virtually the opposite: tax increases on everyone, with hikes on the wealthy especially, while adding comprehensive government programs. And Hillary Clinton proposes much smaller tax increases, all focused on the rich.
But what do their plans mean for your federal tax liability?
We partnered with the Tax Policy Center to create a calculator that will estimate how each presidential candidate's tax plan would affect you — or, more accurately, people like you. For example, if you are part of a couple with two children earning $38,000 a year, this calculator tells you the average change in federal taxes for all couples with two children who earn between $35,000 and $40,000 a year.
Before you change your vacation plans based on these numbers, keep in mind they are only estimates. Every taxpayer has a slightly different situation — someone might be deducting business expenses, for example, while another person will be paying a tax for not carrying insurance coverage. This creates millions of different scenarios.
Accounting for all of that is prohibitively complicated and time-consuming. But what we have done is simplify the process to consider only the biggest factors (income, marital status, and children) and only look at the four taxes with the largest impact (individual and corporate income taxes, payroll taxes, and excise taxes).
Try it yourself below.
(Note: The Tax Policy Center did not perform an analysis of John Kasich's tax plan because his plan lacks sufficient detail to model. They have reached out to the Kasich campaign in search of more details, and will analyze the plan if they receive enough information to do so.)
The presidential candidates have wildly varying tax proposals.
Donald Trump and Ted Cruz propose massive cuts that would greatly reduce federal income taxes on everyone, especially the wealthy, while cutting a wide host of government programs. Meanwhile, Bernie Sanders proposes virtually the opposite: tax increases on everyone, with hikes on the wealthy especially, while adding comprehensive government programs. And Hillary Clinton proposes much smaller tax increases, all focused on the rich.
But what do their plans mean for your federal tax liability?
We partnered with the Tax Policy Center to create a calculator that will estimate how each presidential candidate's tax plan would affect you — or, more accurately, people like you. For example, if you are part of a couple with two children earning $38,000 a year, this calculator tells you the average change in federal taxes for all couples with two children who earn between $35,000 and $40,000 a year.
Before you change your vacation plans based on these numbers, keep in mind they are only estimates. Every taxpayer has a slightly different situation — someone might be deducting business expenses, for example, while another person will be paying a tax for not carrying insurance coverage. This creates millions of different scenarios.
Accounting for all of that is prohibitively complicated and time-consuming. But what we have done is simplify the process to consider only the biggest factors (income, marital status, and children) and only look at the four taxes with the largest impact (individual and corporate income taxes, payroll taxes, and excise taxes).
Try it yourself below.
(Note: The Tax Policy Center did not perform an analysis of John Kasich's tax plan because his plan lacks sufficient detail to model. They have reached out to the Kasich campaign in search of more details, and will analyze the plan if they receive enough information to do so.)
