Post by Logan on Mar 26, 2016 22:03:23 GMT -6
This simple calculator tells you how each presidential candidate's tax plan affects you
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.
More to the article and the tax calculator at www.vox.com/policy-and-politics/2016/3/25/11293258/tax-plan-calculator-2016 .
Ihe results based upon estimate income of $24K on SSDI: Trump -$1,390, Cruz -$1,110, Clinton +$20, Sanders +$2,000
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.
More to the article and the tax calculator at www.vox.com/policy-and-politics/2016/3/25/11293258/tax-plan-calculator-2016 .
Ihe results based upon estimate income of $24K on SSDI: Trump -$1,390, Cruz -$1,110, Clinton +$20, Sanders +$2,000
