How Much Could You End Up Paying in Taxes Under the Next President?
View this article online at https://www.fedsmith.com/2016/04/18/how-much-could-you-end-up-paying-in-taxes-under-the-next-president/ and visit FedSmith.com to sign up for free news updatesIt’s an election year, and that means America gets to pick its next President in November.
Today is also Tax Day, so this is the time of year that most Americans get to write checks to the government.
In the spirit of both, USA Today has released a simple online calculator that will quickly show you what your tax bill might look like depending on which of the leading candidates is elected president. The data used in the calculator come from the Tax Foundation.
A GS-12, step 5 federal employee in the Washington, DC area will make $87,821 this year according to the FedSmith pay calculator. That employee’s total tax burden is $28,576 according to the calculator and would be lower under either a President Cruz or Trump but unchanged under a President Clinton:
If that same employee’s spouse made $50,000 per year, the tax burden suddenly jumps to $41,909 according to the calculator:
Click here to try it for yourself.
Loading ...