If you’re curious about how each presidential candidate’s tax plan will affect your wallet, Vox and the Tax Policy Center have created a handy calculator that shows how much money you stand to either dish out or save.
As Alvin Chang noted at Vox, John Kasich isn’t included because his tax plan contains insufficient details. But you can find out how the rest of the remaining candidates will alter your bottom line. It’s good information to have, especially if you don’t have thousands of extra dollars laying around to throw into the federal abyss.
To get started, I filled in the blanks regarding my income and other relevant data.
Then the results came in!
My first thought? I’m going to feel that “Bern.” A $10,930 tax increase on top of what my husband and I already pay? Sorry, but that’s not doable, despite how many “free” things I’ll get, no doubt accompanied by infamous DMV and IRS level customer service. Maybe I can even get put on a government health care waiting list Veterans Administration style!
The next thing that came to mind was how Hillary really does embody the status quo. I suppose I could live with paying $140 more in taxes if it saves me nearly eleven thousand dollars. But Clinton does intend to raise taxes on the rich, parroting the debunked talking point that doing so can tackle the national debt absent major spending reform.
As for Trump and Cruz? Like all Republicans they promise lower taxes. And both plans look relatively good on paper. But with Trump, I can’t get past his dangerous anti-market protectionism or the fact that he has no plans to cut spending.
Trump’s policies are reckless. They would start trade wars and wreak havoc on the economy. A tax plan that saves me a decent chunk of change just doesn’t make up for that. (Nor does it erase all of Trump’s glaring behavioral and character issues.)
Of course, the next president will need support from Congress to enact his or her tax plan. And it’s likely that their campaign policy papers won’t entirely reflect what ends up passing, if any tax reforms do at all. But the tool does give you a sense of what each candidate intends; and how much you stand to gain or lose.
Go ahead and try it for yourself.