Election Tax Rate Calculator

Without any changes to current tax law, persons making under $46,000 or families of three making under $78,000 are eligible for free and/or subsidized healthcare. You are required to have healthcare (the cost of which is not factored into these numbers.) If you do not have healthcare, you will be taxed an additional maximum of no more than $2,085 per year. (Sources: 2016 Tax Brackets, Obamacare FAQ, Healthcare Penalty Tax.)

At the end of the most recent Republican Administration, there was no Obamacare or healthcare penalty tax. People below the poverty level still qualified for free healthcare through the government. (Sources: Income Tax in 2008.)

Bernie Sanders' tax plan raises taxes to pay for free healthcare and free college tuition for most Americans. Free healthcare (and healthcare subsidies) are already available under current law to persons making under $46,000 and families of three making under $78,000. If you make more than that, you would need to compare your increased tax cost versus what you are already paying on the open market. Some financial aid for college tuition is already available under current law in the form of Pell Grants and Work-study programs. Calculating how much tax you pay per year over your lifetime (considering the average salary once you graduate) will determine if you are better off with the current system (student loan for 15 years) or Bernie Sanders' plan (lifetime.) People with the lowest income would win out financially on these programs, but they already qualify for free tuition and free healthcare. Most in the middle class, who currently do not qualify for free tuition and healthcare, will end up paying slightly more in taxes than they would on the open market, especially in the case of paying for college tuition over your lifetime. You will have to work these numbers yourself to see which benefits you the most. Finally, the additional federal income tax hidden from paystub is employer side taxes that must be paid on your salary. This is a direct tax on small businesses and self employed persons who have to pay this themselves. (Sources: Federal Student Aid, Bernie Sanders' Proposed Tax Plan, Obamacare FAQ.)

Things to keep in mind: It is unclear if the new taxes go far enough to pay for everything Bernie proposes. Do you think that taxes would need to rise again to keep his plan sustainable? You will have to be the judge of that.

Donald Trump's tax plan dramatically reduces taxes on middle class Americans and completely eliminates it on persons making under $25,000 and married people making under $50,000. However, Trump's plan includes repealing Obamacare, which could mean that persons receiving free healthcare now are no longer eligible. Still, many low income people will still qualify for free healthcare. Trump has yet to formerly explain his healthcare plan, but has mentioned the removal of state lines on healthcare policies, which he says will reduce the cost of healthcare by creating more competition in the market place. Obamacare did away with pre-existing conditions and it is still not clear if Donald Trump's replacement plan would also prevent insurance companies from denying healthcare based on pre-existing conditions. His tax plan relies heavily on keeping military spending at its current rate while gutting waste in every form of government, which other politicians cannot do because he says they are owned by lobbyists. Two examples he gives during his speeches: 1). factories are making bombs, tanks, and equipment for the military that the military generals say they don't need or want and 2). $300 billion the US government overpays annually on Medicare. In scenario 1, politicians funded by the bomb makers and tank makers continue to force the military to buy that equipment. In scenario 2, politicians funded by the pharmaceutical companies force Medicare to buy prescription drugs at their over the counter rate instead of negotiating a better deal, which is surprising, since the US government is the largest purchaser of prescription drugs in the world. All other healthcare providers negotiate their rates with the pharmaceutical companies. Presumably, Donald Trump thinks he will find many parts of the government that are inefficient, which will close the gap created by lowering taxes. You will have to work these numbers yourself, considering the cost of paying for your healthcare and college tuition to see which plan benefits you the most. (Sources: Donald Trump's Proposed Tax Plan.)

Things to keep in mind: Donald's tax plan only works if he can actually gut the waste from the government. While he is not bought and paid for like the rest of the establishment, nearly everyone else he must work with still are. Will he be able to accomplish his goal? You will have to be the judge of that.