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Agschmid

(28,749 posts)
Tue Mar 29, 2016, 08:02 PM Mar 2016

This simple calculator tells you how each presidential candidate's tax plan affects you

The presidential candidates have wildly varying tax proposals.

Donald Trump and Ted Cruz propose massive cuts that would greatly reduce federal income taxes on everyone, especially the wealthy, while cutting a wide host of government programs. Meanwhile, Bernie Sanders proposes virtually the opposite: tax increases on everyone, with hikes on the wealthy especially, while adding comprehensive government programs. And Hillary Clinton proposes much smaller tax increases, all focused on the rich.

But what do their plans mean for your federal tax liability?


We partnered with the Tax Policy Center to create a calculator that will estimate how each presidential candidate's tax plan would affect you — or, more accurately, people like you. For example, if you are part of a couple with two children earning $38,000 a year, this calculator tells you the average change in federal taxes for all couples with two children who earn between $35,000 and $40,000 a year.


Here is what happens to me...



Feel free to share yours.

Read More on Vox.com.
16 replies = new reply since forum marked as read
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This simple calculator tells you how each presidential candidate's tax plan affects you (Original Post) Agschmid Mar 2016 OP
Depends on how much income I can defer, but Bernie will cost me about 50k a year AngryAmish Mar 2016 #1
LOL, look at me! nt Logical Mar 2016 #3
In 2015 my out of pocket cost for healthcare was... Agschmid Mar 2016 #2
It left out half the equation! Mister Ed Mar 2016 #4
I posted my healthcare costs above, I am in a Masters program... Agschmid Mar 2016 #5
Don't know. But now you're asking the right questions! Mister Ed Mar 2016 #8
This is stupid. Loudestlib Mar 2016 #6
I posted my insurance above, with my out of pocket max. I don't pay deductibles. Agschmid Mar 2016 #7
If I wanted to vote based on my taxes, I'd be a republican. Loudestlib Mar 2016 #11
An extra $70k from me with Bernie. Ouch, but I don't think that is right. Lucky Luciano Mar 2016 #9
I'm beginning to suspect that the real purpose of this thread... Mister Ed Mar 2016 #10
Taxes do not tell the entire story Generic Brad Mar 2016 #12
Agreed. The numbers don't make sense. Lucky Luciano Mar 2016 #13
This message was self-deleted by its author Generic Brad Mar 2016 #14
That is a very poorly designed calculator rufus dog Mar 2016 #15
You get what you pay for Victor_c3 Mar 2016 #16
 

AngryAmish

(25,704 posts)
1. Depends on how much income I can defer, but Bernie will cost me about 50k a year
Tue Mar 29, 2016, 08:10 PM
Mar 2016

Might cut that by converting this year's income to capital gain.

Tax planning makes my ball sac hurt.

Agschmid

(28,749 posts)
2. In 2015 my out of pocket cost for healthcare was...
Tue Mar 29, 2016, 08:10 PM
Mar 2016

Medical: $828.00
Dental: $149.00
Vision: $100.00

Total Cost: $1,077

My out of pocket annual max is $3,000, that means the most I could have paid this year in medical bills would have been $4,077. I ave completed/paid my undergraduate degree and I am in a Master's program currently.

Mister Ed

(5,940 posts)
4. It left out half the equation!
Tue Mar 29, 2016, 08:18 PM
Mar 2016

It never ceases to amaze me that, when people consider taxes, they only seem to ask, "What do I pay?", and never, "What do I get?". It's as absurd as walking onto the auto dealer's lot and asking only what your new car will cost, but never asking what sort of a car you're buying.

I guess it's because we can all tell, to the penny, how much we pay in taxes, but it's very difficult to compute the dollar value of the governmental services we receive in return, or forgo in order to reduce our tax payment. But still, it's pointless to contemplate only half of the equation.

Agschmid

(28,749 posts)
5. I posted my healthcare costs above, I am in a Masters program...
Tue Mar 29, 2016, 08:19 PM
Mar 2016

I am not clear on if that would be covered under Sanders, but I doubt it would be?

Mister Ed

(5,940 posts)
8. Don't know. But now you're asking the right questions!
Tue Mar 29, 2016, 08:47 PM
Mar 2016

Of course, in addition to the returns that can be precisely enumerated, there's the value of the publicly-maintained infrastructure in which we all operate and strive to prosper. It's very difficult to estimate the dollar value that represents to each of us. Nonetheless, that's the calculation everyone must try to make in order to judge whether they are overtaxed.

All of us, from the most miserly drown-the-goverment-in-the-bathtub Tea Partier to the most expansive Scandinavian-style Democratic Socialist, need to consider both sides of the tax equation before we can decide if we're being well-served by our government in return for the taxes we pay.

Loudestlib

(980 posts)
6. This is stupid.
Tue Mar 29, 2016, 08:22 PM
Mar 2016

Blanket rates without deductions, no offsets for no longer paying for insurance. My increase under Sanders was huge, until I deducted my insurance rate, deductibles, and copays. After that I came out ahead.

Agschmid

(28,749 posts)
7. I posted my insurance above, with my out of pocket max. I don't pay deductibles.
Tue Mar 29, 2016, 08:24 PM
Mar 2016

I come out behind, quite a bit.

Lucky Luciano

(11,257 posts)
9. An extra $70k from me with Bernie. Ouch, but I don't think that is right.
Tue Mar 29, 2016, 08:56 PM
Mar 2016

75k less with Cruz and 53k less with trump. 6k more with HRH.

Mister Ed

(5,940 posts)
10. I'm beginning to suspect that the real purpose of this thread...
Tue Mar 29, 2016, 09:02 PM
Mar 2016

...is just to dissuade people from supporting Sanders. If that's the case, then it belongs in GD: P instead of General Discussion.

Generic Brad

(14,275 posts)
12. Taxes do not tell the entire story
Tue Mar 29, 2016, 09:13 PM
Mar 2016

According to this I fare great under Ted Cruz and horribly under Bernie Sanders. But the reality is this country would do better under Sanders and horribly under Cruz. In the long tun, Cruz would cost all of us considerably more.

Bernie's "revolution" would strengthen community in this country. Cruz's tax heaven for the well to do would tear our sense of community apart.

Lucky Luciano

(11,257 posts)
13. Agreed. The numbers don't make sense.
Tue Mar 29, 2016, 09:13 PM
Mar 2016

They adjusted my income to 2017 dollars assuming inflation was 5% - that alone substantially increas d my taxes - higher income - duh! Also the effective rate they used was 10% higher than what they claimed I had at 28% - that doesn't us to those numbers though - to be fair, I didn't rigorously check their methods at all.

Response to Mister Ed (Reply #10)

 

rufus dog

(8,419 posts)
15. That is a very poorly designed calculator
Tue Mar 29, 2016, 09:22 PM
Mar 2016

In the text they admit the ignore AGI, it also appears they use the HIGHEST tax rate you hit to calculate the ENTIRE tax liability. So a person earning over 300k is led to believe they are in a higher tax rate due to AGI being ignored and that higher rate is calculated across all earnings.

So on my case it overstated my liability in the Bernie plan by close to 10x. Don't have time to test multiple scenarios but mine was messed up and I expect it is messed up across the board.

Victor_c3

(3,557 posts)
16. You get what you pay for
Tue Mar 29, 2016, 09:24 PM
Mar 2016

but I'm wasting my breath arguing a point that nobody would be disagreeing with me on, so I won't bother.

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