So, there’s been a ton of discussion surrounding this year’s Presidential election. When we put aside all the crazy statements and the scandal, however, it’s all about the economy, stupid!
And the first economy is the one that you live in, right? Like how is each candidate going to effect your personal financial situation??
Well, thanks to Vox News and the Tax Policy Center, now you can know!
They have put together a dope calculator where you type in your income, some other basic facts, AND BOOM! There’s how much your taxes will change.
I tried it for a few different income levels to get a feel for the tool! (I used no kids on all of them, but you should feel free to add them!)
Minimum wage salary
At the minimum wage level I would see tax reductions under Presidents Trump or Cruz, and tax increases under President Sanders. Under a President Clinton, virtually no change.
Now, Sanders and his supporters will concede that people will pay higher taxes under him, but get a LOT more services. That is to say, you will be paying a new health insurance tax for single-payer care, but you will no longer be paying premiums or deductibles. So your tax burden might be higher, but you’re actually saving money.
That’s the argument, anyway.
National Median Salary
More or less same story, just larger tax cuts and increases. Still pretty much no change under Clinton.
Under this income bracket, for the first time, Cruz offers more tax breaks than Trump. Trump focuses on MEGA tax breaks for the lower income brackets, and modest tax breaks for the upper classes. Cruz offers, essentially, the opposite.
The uber wealthy
- Trump offers HUGE tax breaks for the poor, considerable tax breaks for the upper classes.
- Cruz offers HUGE tax breaks for the rich, considerable tax breaks for the poor.
- Clinton is gonna increase everyone’s taxes a smidgen — maybe a tiny bit more on the rich.
- Sanders is gonna jack up everyone’s taxes, particularly on the rich, to pay for social safety net programs that will primarily benefit the poor and middle classes.