Tax Foundation Calculator 2016
The Tax Foundation released a tax calculator to find out how much in taxes you would pay under each presidential nominees(Donald Trump(R) and Hilary Clinton(D)) tax plan.
How Would the Trump and Clinton Tax Plans Affect You? The Tax Foundation Calculator 2016 is created to give you some idea of what you will owe in taxes if Donald Trump or Hilary Clinton is elected president in 2016. NonPartisan Tax Foundation released a new calculator. See below for the Tax Foundation Tax Calculator;
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 deductions, 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!
See our comparison of Donald Trump’s Tax Plan versus Hilary Clinton’s Tax Plan, here.