Presidential Candidates and Their Tax Proposals

*** PRESIDENTIAL CANDIDATES *** PERRY GINGRICH OBAMA HUNTSMAN ROMNEY AND THEIR TAX PROPOSALS The following table compares how four typical families fare under each of the presidential candidates' tax proposals. They are divided into groups by tax bracket consisting of Wealthy Family, Upper Income, Middle Income and Lower Income. The pie charts show how much the taxpayer owes under a particular tax bracket, allowing the taxpayer to compare the different tax plans. Salary/Wages: $500k/$200k spouse In this bracket one spouse is making $50ook and the other is making $20ok a year. Salary/Wages: $20k/$10k spouse In this bracket one spouse is making $20k and the other is making $1ok a year. Salary/Wages: $80k In this bracket the sole provider for a family makes $8ok a year. Salary/Wages: $50k/$50k spouse In this bracket both spouses make $5ok indiviually. BASE CASE The base case scenario assumes that the current tax law is extended through 2013, rather than expiring at the end of 2012. +$2,383 Taxpayer owes $248,025 35% of Salary/Wages Taxpayer owes $25,443 32% of Salary/Wages Taxpayer owes $6,535 6% of Salary/Wages Taxpayer gets a $2,383 refund NEWT GINGRICH +$2,383 Taxpayer owes $86,550 12% of Salary/Wages Lowered by $161,475 Taxpayer owes $13,500 17% of Salary/Wages Lowered by $11,943 Taxpayer owes $5,900 12% of Salary/Wages Lowered by $635 Taxpayer gets a $2,383 refund No change RICK PERRY 20% flat without *BTC Taxpayer owes $14,930 2% of Salary/Wages Lowered by $135,047 Taxpayer owes $20,200 25% of Salary/Wages Lowered by $7,809 Taxpayer owes $8,200 8% of Salary/Wages Lowered by $1,978 Тахраyer owes $862 3% of Salary/Wages Increased by $862 RICK PERRY 20% flat with *BTC Taxpayer owes $0 Taxpayer owes $149,300 21% of Salary/Wages Lowered by $98,725 Taxpayer owes $20,200 25% of Salary/Wages Lowered by $5,243 Taxpayer owes $8,200 8% of Salary/Wages Increased by $1,665 Increased by $2,383 MITT ROMNEY +$2,383 Taxpayer owes $231,625 33% of Salary/Wages Lowered by $16,400 Taxpayer owes $16,523 21% of Salary/Wages Lowered by $8,920 Taxpayer owes $6,235 6% of Salary/Wages Lowered by $300 Taxpayer gets a $2,383 refund No change JON HUNTSMAN Taxpayer owes $144,525 21% of Salary/Wages Lowered by $103,500 Taxpayer owes $15,064 18% of Salary/Wages Lowered by $10,379 Taxpayer owes $5,685 5.6% of Salary/Wages Lowered by $851 Taxpayer owes $232 .8% of Salary/Wages Increased by $2,615 BARACK OBAMA +$2,383 Taxpayer owes $302,947 43% of Salary/Wages Increased by $54,922 Taxpayer owes $25,443 32% of Salary/Wages No change Taxpayer owes $6,535 6% of Salary/Wages No change Taxpayer gets a $2,383 refund No change *BTC refers to the Bush Tax Cuts of 2004 Data represents research by The Tax Institute at H & R Block November-December 2011 Created by oBizMedia.com THE TAX INSTITUTE AT H&R BLOCK www.hrblock.com f www.facebook.com/hrblock LOWER INCOME MIDDLE INCOME UPPER INCOME WEALTHY FAMILY TAX PLANS