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.
Learn how H&R Block’s free tax reform checkup can help taxpayers prepare for tax reform impact now before it’s time to file and too late to change anything.
Learn whether tax reform will mean a larger or smaller tax refund this year with H&R Block’s tax refund and tax reform calculator.
Learn about the tax reform limit to state and local tax deductions. H&R Block gives taxpayers options to maximize tax savings despite the new limitation.
Learn more about the latest guidance and regulations on the updated 20% deduction that tax reform gives some business owners and independent contractors.