This tool shows how much you’ll pay in taxes under each presidential candidate

If this tool shows much is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.

Key Takeaways

• Advertisement If you’re having a difficult time cutting through all the political clutter to figure out exactly how each presidential c...
• And rightfully so, since tax policies can have a significant impact on the bank accounts of everyday Americans.
• Read more: Why tax policy in America needs a clean sheet So to give people a better idea of how things could change come 2017, Vox and...

Advertisement

If you’re having a difficult time cutting through all the political clutter to figure out exactly how each presidential candidate’s policies would impact you and your life, a new tool may be able to help! 

Taxes , it’s a very big election season buzzword. And rightfully so, since tax policies can have a significant impact on the bank accounts of everyday Americans.

Read more: Why tax policy in America needs a clean sheet

So to give people a better idea of how things could change come 2017, Vox and the Tax Policy Foundation have teamed up to create a tool that calculates how much money you may expect to lose or gain under the tax proposals outlined by each of the presidential candidates.   

What the candidates are proposing

According to the new tool, here’s a quick look at what four of the five current candidates , Donald Trump, Ted Cruz, Bernie Sanders and Hillary Clinton , are proposing:

• Donald Trump: ‘Huge’ tax cuts that would reduce federal income taxes for everyone, while cutting a variety of government programs.  
• Ted Cruz: Big tax cuts that would reduce federal income taxes for everyone , ‘with a 10% flat rate on income tax and 16% value-added tax’ ,  while cutting a variety of government programs.  
• Bernie Sanders: Big tax increases for everyone, especially the wealthy, while adding comprehensive government programs (paid for by the increases in taxes).  
• Hillary Clinton: Tax increases, primarily for the wealthy.

Read more: 12 tax breaks for middle class families

‘The Tax Policy Center did not perform an analysis of John Kasich’s tax plan because his plan lacks sufficient detail to model,’ a note on the tool says. ‘(Analysts) 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.’  

How each policy would impact you

To see how each tax policy would impact everyday Americans, the calculator asks users to enter their salary, marriage status and number of children. It then calculates the increase or decrease in tax dollars that the user could expect under each different policy.

But here’s an key reminder: The numbers are only estimates! Since every taxpayer has a different situation, the calculator can’t provide an exact figure.

Advertisement

Try out the calculator here.

Advertisement

Final Thoughts

The bottom line: a little research on this tool shows much goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.

Originally published at clark.com.