Results of Jeb Bush’s tax plan on three real-life taxpayers
Analysis from The Tax Institute at H&R Block shows two of three taxpayer scenarios see a tax savings under presidential candidate Jeb Bush’s tax reform plan. In these scenarios, both a middle-income family of four and a lower-income family of four have a lowered tax liability compared to the current tax code, while a single middle-income filer would pay more in taxes.
In addition to the three scenarios, The Tax Institute’s analysis of Bush’s tax plan includes an explanation of how the new tax brackets, itemized deductions and credits could affect taxpayers differently depending on their income.
As the presidential campaign progresses and additional tax reform plans are made available, The Tax Institute will analyze the impact using real-life scenarios to determine the potential effects of candidates’ plans on taxpayers of varying income levels, filing status, and family makeup.
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Tax refunds for H&R Block clients were up 1.4% under the first year of tax reform and the new withholding tables, while overall tax liability was down 5.6%.