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Tax season is heavy on many Americans’ minds as the filing deadline fast approaches. But who you vote for this year could make a big difference on how your taxes look in 2017.
On Monday, America’s Election Headquarters brought in two tax experts to weigh the proposals of each presidential candidate. Currently, under President Obama’s administration, a family of four that is making $80,000 a year is paying about $327 a week in taxes, Leland Vittert noted. Under a Hillary Clinton presidency, things would basically stay the same, he said. With Bernie Sanders in the White House, however, this family would pay about $206 more in taxes per week. People under this plan would get benefits like government-sponsored healthcare and free college tuition, “but they’ll all be on the spending side of the ledger,” said Russell Sullivan of McGuireWoods law firm.
Conversely, Donald Trump’s proposal would save taxpayers about $103 a week, said Elizabeth Prann. Scott Hodge, president of the Tax Foundation, said that it equates to “about a $5,000 tax cut,” but wouldn’t boost economic growth as much as some other candidates' outlines. Meanwhile, Ted Cruz’s plan would save taxpayers about $31 per week. Hodge said the senator's proposed flat tax “doesn’t give you as much of a tax cut, but it has a much bigger impact on the economy.”
While John Kasich’s plan hasn’t been laid out in as much detail as some of the other candidates, “our guess is … he’d probably come out somewhere in the middle between the Cruz plan and the Trump plan,” said Hodge.