Breakdown Of How Candidates’ Tax Plans Will Impact Your Wallet Yields Surprising Results
It’s always a good idea for voters to acquaint themselves and have a general understanding on where a candidate stands on taxes, and while “ol Socialist Bernie Sanders” will no doubt take most of your hard-earned wages, progressive Hillary Clinton is right there also dolling out the goodies, and creating a perpetual and dependent underclass.
So here’s how candidates’ tax plans will affect your wallet if they’re elected.
In the International Business Times, personal finance editor Lauren Lyons Cole explains how the tax plans of leading presidential candidates could have a "lasting impact on the American economy as well as your future paycheck."
Bernie Sanders would raise the federal deficit with his tax plan, which Cole said was "more extreme" than Trump's. The senator would raise taxes regardless of your income, with the highest earners paying over 40% for a "trade-off" for funding free government programs, including college and health care.
Donald Trump would put the most money back into your paycheck. The GOP front-runner proposes tax cuts across all income levels and slashing taxes for those making up to $50,000.
If Clinton is your choice, most Americans can expect the same taxes, and only those making over one million dollars would face an increase. And for those making $5 million and over, status quo, same as Obama.
Republican candidate Ted Cruz's tax plan would also benefit the wealthy most, even more so than Trump's, Cole said.
As for the middle class, paychecks may increase by about 50 dollars, according to the International Business Times.
h/t: Young Cons