Many people are beginning to wrap their minds around the House Republicans’ proposed destination-based cash-flow tax and what it means for tax reform. Most people are still looking into the tax’s impacts on trade and how...
- The Tax Policy Blog
- How Would the Trump and Clinton Tax Plans Affect Your Tax...
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 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!
To embed this calculator on your own site, use the code below:
<iframe height="1500px" src="http://static.taxfoundation.org/presidential-tax-calculator-2016/index.html" width="100%"></iframe>
Get Email Updates from the Tax Foundation
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.