Enter your Annual Income to see the clear choice between President Obama’s and Mitt Romney’s tax plans.

Tax Savings Under Obama

2013

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Your continued tax savings if Congress acts on the President’s plan to extend middle-class tax cuts. Learn More


2009-2012

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Your tax savings during President Obama’s first term. Learn More

Tax Increase Under Romney

Tax Savings Under Romney

2013

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Compared to President Obama’s plan, average families—those earning loading…—would face a tax increase under Romney. Romney’s tax cuts for the wealthy will either raise taxes on middle-class families or explode the deficit. Learn More

Compared to President Obama’s plan, average families like yours—those earning loading…—would face a tax increase under Romney. Families with children would pay an average of over $2,000 more. Romney’s tax cuts for the wealthy will either raise taxes on middle-class families or explode the deficit. Learn More

Compared to President Obama’s plan, the average tax cut for families like yours—those earning between loading…—would receive under Romney. Romney’s tax cuts for the wealthy will either raise taxes on middle-class families or explode the deficit. Learn More

The Typical American Family with Children

  • Under President Obama saved $3,600 over the last 4 years
  • Under the President’s plan will continue to save $2,200 next year
  • Under Romney would pay over $2,000 more

Under the Obama Administration

  • You saved loading… from the Making Work Pay Credit and will save loading… from the payroll tax cut by the end of 2012
  • President Obama’s American Opportunity Tax Credit provides up to $10,000 for four years of college expenses
  • President Obama expanded the Child Tax Credit and the Earned Income Tax Credit for nearly 16 million working families with 29 million children
  • President Obama signed 18 tax cuts for small businesses into law, as well as tax cuts for first-time homebuyers, energy-efficient cars, college expenses, and more for middle-class families

The Obama Plan

President Obama’s plan to extend tax cuts for the middle class would prevent you from facing a loading… tax increase next year. The President would:

  • Extend middle-class tax cuts to prevent a tax increase on 98% of American families who earn less than $250,000 a year, saving a typical middle-class family of four $2,200 a year
  • End tax cuts that benefit only high-income taxpayers and ask the wealthy to pay their fair share, in order to reduce the deficit and make investments to strengthen the middle class
  • Make the American Opportunity Tax Credit permanent, preventing a tax increase on more than 9 million families paying for college
  • Additional tax cuts for small businesses to create new jobs and grow

What Romney Would Do

  • Make the Bush tax cuts for the wealthy permanent, and add another tax cut skewed towards the wealthy on top of it
  • Either explode the deficit by $5 trillion or raise taxes on the middle class by reducing tax deductions and exemptions that middle class families depend on
  • End President Obama’s tax cuts for college and for working families with kids
  • Take us back to the same top-down economics that failed the middle class and led us into the worst economic crisis since the Great Depression

How the Calculator Works

Because the tax code is complex, the calculator makes a number of simplifying assumptions that may differ from the circumstances of any particular user. It assumes all income is from wages. For married filers, it assumes that income is split evenly between two earners. It assumes that income does not vary over the years analyzed. It assumes that taxpayers claim the standard deduction for the purpose of analyzing the impact of the expiration of the middle class tax cuts. The impact of Mitt Romney’s tax plan is based on an analysis by the nonpartisan Tax Policy Center, which determines the tax increase or tax cut the average family in each income group would face if Romney paid for his $5 trillion tax plan by cutting tax benefits. The analysis assumes that Romney eliminates all tax benefits, except those for savings and investment, for households earning over $200,000, and reduces those benefits for households earning under $200,000 to cover the rest of the cost – resulting in a reduction by more than half. The Tax Policy Center uses income thresholds based on “cash income”, a measure broader than AGI commonly used by TPC. The calculator is intended for information purposes only.

See the full report at the TaxPolicyCenter.org