This tool calculates how the Trump tax plan will impact you

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This tool calculates how the Trump tax plan will impact you
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Taxes were a hot topic during election season. And rightfully so, since tax policies can have a significant impact on the bank accounts of everyday Americans.

So if you’re wondering how President Trump’s policies may impact you and your life, there’s a tool that may be able to help!

How would the Trump tax plan affect your taxes?

Read more: 12 tax breaks for middle-class Americans

According to the Tax Policy Center, Trump’s plan would cut taxes by $6.2 trillion over a decade — reducing taxes for taxpayers in all income groups.

To give you a more personalized view of Trump’s tax plans, the Tax Foundation created a tool that calculates how much money you may expect to lose or gain under Trump’s tax proposals.

Note from the Tax Foundation: The tax code is quite complicated and this calculator does not capture every element of the current code or the code under each proposal, but it still captures the elements of the tax code that most taxpayers deal with.

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Alex Thomas Sadler About the author: Alex Thomas Sadler
Alex Thomas Sadler is the Managing Editor of Clark.com and Clark Howard Digital Products. Alex is also the host of Common Cents, a new Clark.com series that makes money simple, so you can better understand and take control of your own financial life. Alex graduated from the University of Georgia with bachelor's degrees in ...Read more
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