I guess I’m not rich. My Federal tax bill would stay the same under Hillary, but go down by $1,750 under Trump. I think I prefer Trump. Check out your own situation.
How Would the Trump and Clinton Tax Plans Affect Your Taxes?
Both Hillary Clinton and Donald Trump have both introduced plans that would change the federal tax system.
Hillary Clinton’s tax plan would increase federal revenue by about $1.4 trillion over the next decade. Her plan would make the current tax code more progressive by raising taxes on top earners and cutting taxes for families with young children. Her plan would slightly increase marginal tax rates, which would result in reduced economic output in the long run.
Donald Trump’s tax plan would reduce federal revenue by between $4.4 and $5.9 trillion over the next decade. His plan would cut taxes, on average, for taxpayers in all income groups, but top earners would see the largest reduction in their tax burden. Trump’s tax plan would reduce marginal tax rates, and if fully paid for, would boost economic output in the long run.
If fully enacted, either of these plans would have a significant impact on the economy and millions of taxpayers.
The Tax Foundation has put together a simple tax calculator to illustrate how their plans could impact you. In the calculator below, enter your salary (wage income), marital status, how many dependents you have, and an estimation of your childcare costs and itemized deduction, if applicable. The calculator will show you, roughly, how much you owe in individual income and payroll taxes under current law and how it could change under Clinton’s or Trump’s proposal.
The tax code is quite complicated and this calculator does not capture every element of the current code or the code under each proposal, but it still captures the elements of the tax code that most taxpayers deal with. And please don’t use this to file your own taxes!
Under Ron Paul’s plan I’d pay zero income taxes…this goes for the Fair Tax as well
In other words, you’re a taker.
who probably pays zero taxes now.
actually the govornment is the taker, if you find the true and correct legal definition of wages and income
You’re a fucking moron. Income taxes were instituted at the behest of the central bankers to pay the vig on the fiat money they so graciously loan us at interest. Income tax is stolen from all of us.
Trump is insanely better if you own a business. S-corp flow through drops from the top rate for personal income, currently 39%, to 15%. On 400 grand, that reduces a business owners tax bill from $156,000., to $60,000. Time to start a business. Add in some tariffs and a little anti-trust, roll back some regulations, and it’s a great time to go for it. Hillary wins, I hear Australia is nice.
Supposedly I would pay the same under Killary (until the nukes kill us all) and $1400 LESS under Trump.
Realistically I expect I would pay $10k more under Killary (same note) and about the same under Trump.
Still voting Trump, mostly because I don’t like the idea of dying next year from fallout and/or starvation. Those of you in metro areas can substitute “searing atomic heat” as you prefer.
This calculator grossly undersells Trump’s plan. Think of the $billions, even $trillions saved by better trade deals, pulling back from overseas meddling, having “allies” pay for the defence we provide for them, efficiency in government, competetive health care, etc. etc. To the average family this could mean tens of thousands of dollars a year diffference. That’s why Trump is so dangerous to the status quo.
Retired:
No Change under Hillary
-$834 under Trump
supposedly the same under Killary Rotten Cunton but $1800 less under Trump, guess i’m just small potatoes.
Fine with that.
Stay the same under Hillary, get 3.5k back under Trump.
Of course, for the Hillary side they are overlooking the thumping that she will continue to administer to small businesses….which is what I currently work for. Every increase in taxes they pass on businesses gets handed off directly to employees.