No one is sure who the next President will be; however, we can be sure that the tax law will change with a new person in the White House and many seats changing in Congress.
Below is a link to a simplified tax-projection software program that compares how your tax bill will shape up under each candidate (this software was written before the political conventions so they’ve listed the top two candidates on each side).
In the example below, we entered wages of $57,000 and $48,000 for the husband and wife and two children who can be claimed as dependents. By clicking the screenshot below, you’ll be able to enter your own numbers.
Our thanks go out to taxfoundation.org for making this calculator available. I chose it because it’s quick to use and simple to interpret. All their assumptions are clearly delineated. Results may vary depending upon the type of income you have, so check with us before relying on any projected results.
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