Fox News shared this graphic today on Twitter, which shows proposed income tax rates under Hillary Clinton’s plan.
Because no comparison to Trump’s plan seemed immediately forthcoming, I was able to ferret out the information and compile it for you here, in a pretty simplistic fashion (I know…!!) because that’s how I roll.
So, for comparison purposes, above is Clinton’s tax plan as shared by FoxNews. Here are the current tax brackets, so you can see what might happen to your personal income tax level under Clinton (source: TaxFoundation.org):
Now, Donald Trump proposes to do the following with the tax brackets: He would create just three individual income rates: 12%, 25%, and 33%. Documents I sourced did not give a handy-dandy summary graphic like the one Fox created for Clinton, so I did a bit of research and created one myself. The documents I reviewed stated that Trump’s plan was the same as the proposed GOP plan, and this chart from the Republican tax/economy proposal shows how the three proposed tax brackets would consume the existing seven brackets:
Assuming sources and the above charts are accurate, here is my super-simple chart that shows who would be paying what under the Trump/GOP individual tax plan:
Using these figures, we can see the following:
- Personal income tax for single filers making under $37,650 would be 12% with Trump, and 15% with Clinton.
- Personal income tax for single filers making $37,650 – $190,150 would be 25% with Trump, and 25 – 28% with Clinton.
- Personal income tax for single filers making $190,150 and above would be 33% with Trump, and 33 – 43.6% with Clinton.
By the way, the Trump/GOP plan also includes a variety of other attractive elements, such as saving the deduction for home mortgage interest, eliminating the Alternative Minimum Tax, making childcare expenses 100% deductible, and simplifying tax rules to the extent that individual returns could be filed on a postcard, thereby eliminating the need for a federal IRS.