Republican Candidate’s Effective Individual Income Tax Rates
Summary
For singles, Ron Paul has the lowest rates for most incomes, except the lower incomes because they get the Earned Income Tax Credit.
For married couples with no children, Ron Paul has the lowest rates for most incomes, except the lower incomes because they get the Earned Income Tax Credit. Although, both Ron Paul and Newt Gingrich have a 0 percent rate between $20,000 and $40,000 ($60,000 if they take all the deductions.)
As far as married couples with children, for those who deduct mortgage and charitable contributions, Newt has the lowest tax rates for those lower than around $70,000 to $80,000 (depending on family size), after which Ron Paul has the lower rates.
For those who only take the standard deduction, Newt has the lowest rates for those below around $55,000 to $70,000, and Ron Paul has the lowest rates for those above. Jon Huntsman does have a lower rate than Newt between around $100,000 and $200,000.
Ron Paul
Ron Paul’s plan is simple. It eliminates the income tax, so everybody pays a 0 percent rate.
Rick Perry
To calculate the taxes under Rick Perry’s plan, the income was subtracted by the $12,500 standard exemption ($25,000 for married couples and $12,500 per dependent or child.) For those who itemize, the average mortgage interest, state and local taxes and charitable contribution deductions were taken from the IRS statistics for 2009. Those with the standard deduction only deducted state and local taxes. The remainder is the taxable income, which was multiplied by 20 percent to get the total tax.
Here are the effective 2010 tax rates for those who only take the standard exemption and deduct the average state and local taxes:
| Children | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $60,000 | $70,000 | $80,000 | $90,000 | $100,000 | $200,000 | $500,000 | $1,000,000 | |
| single | 0 | 0.00% | 4.29% | 9.32% | 11.71% | 13.06% | 13.90% | 14.77% | 15.07% | 15.62% | 15.28% | 16.39% | 17.34% | 17.83% |
| 0 | 0.00% | 0.00% | 0.99% | 5.46% | 8.06% | 9.73% | 11.20% | 11.95% | 12.84% | 12.78% | 15.14% | 16.84% | 17.58% | |
| married | 1 | 0.00% | 0.00% | 0.00% | 0.00% | 3.06% | 5.57% | 7.63% | 8.82% | 10.06% | 10.28% | 13.89% | 16.34% | 17.33% |
| filing | 2 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.40% | 4.06% | 5.70% | 7.29% | 7.78% | 12.64% | 15.84% | 17.08% |
| jointly | 3 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.49% | 2.57% | 4.51% | 5.28% | 11.39% | 15.34% | 16.83% |
Here are the effective 2010 tax rates for those who also deduct the average mortgage interest and charitable contributions:
| Children | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $60,000 | $70,000 | $80,000 | $90,000 | $100,000 | $200,000 | $500,000 | $1,000,000 | |
| single | 0 | 0.00% | 0.00% | 2.42% | 6.08% | 8.41% | 9.69% | 11.16% | 11.61% | 12.54% | 11.83% | 13.57% | 15.38% | 16.32% |
| 0 | 0.00% | 0.00% | 0.00% | 0.00% | 3.41% | 5.52% | 7.59% | 8.48% | 9.76% | 9.33% | 12.32% | 14.88% | 16.07% | |
| married | 1 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.35% | 4.02% | 5.36% | 6.99% | 6.83% | 11.07% | 14.38% | 15.82% |
| filing | 2 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.45% | 2.23% | 4.21% | 4.33% | 9.82% | 13.88% | 15.57% |
| jointly | 3 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.43% | 1.83% | 8.57% | 13.38% | 15.32% |
Newt Gingrich
To calculate the taxes under Newt Gingrich’s plan, the income was subtracted by the $12,000 personal deduction ($48,000 for married couples.) For those who itemize, the average mortgage interest and charitable contribution deductions were taken from the IRS statistics for 2009 (which is the latest version.) The remainder is the taxable income, which was multiplied by 15 percent to get the total tax. Then the Child Tax Credit and Earned Income Tax Credit were subtracted from the tax, where applicable.
Here are the effective 2010 tax rates for those who only take the standard personal deduction:
| Children | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $60,000 | $70,000 | $80,000 | $90,000 | $100,000 | $200,000 | $500,000 | $1,000,000 | |
| single | 0 | -2.60% | 6.00% | 9.00% | 10.50% | 11.40% | 12.00% | 12.43% | 12.75% | 13.00% | 13.20% | 14.10% | 14.64% | 14.82% |
| 0 | -4.50% | 0.00% | 0.00% | 0.00% | 0.60% | 3.00% | 4.71% | 6.00% | 7.00% | 7.80% | 11.40% | 13.56% | 14.28% | |
| married | 1 | -30.50% | -15.25% | -5.60% | -0.20% | 0.00% | 1.33% | 3.29% | 4.75% | 5.89% | 6.80% | 11.40% | 13.56% | 14.28% |
| filing | 2 | -40.10% | -25.15% | -10.77% | -2.80% | 0.00% | 0.00% | 1.86% | 3.50% | 4.78% | 5.80% | 11.40% | 13.56% | 14.28% |
| jointly | 3 | -45.10% | -28.30% | -12.87% | -4.38% | 0.00% | 0.00% | 0.43% | 2.25% | 3.67% | 4.80% | 11.40% | 13.56% | 14.28% |
Here are the effective 2010 tax rates for those who also deduct the average mortgage interest and charitable contributions:
| Children | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $60,000 | $70,000 | $80,000 | $90,000 | $100,000 | $200,000 | $500,000 | $1,000,000 | |
| single | 0 | -2.60% | 0.00% | 3.83% | 6.28% | 7.91% | 8.84% | 9.72% | 10.15% | 10.69% | 10.61% | 11.99% | 13.17% | 13.69% |
| 0 | -4.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.01% | 3.40% | 4.69% | 5.21% | 9.29% | 12.09% | 13.15% | |
| married | 1 | -30.50% | -15.25% | -5.60% | -0.20% | 0.00% | 0.00% | 0.58% | 2.15% | 3.58% | 4.21% | 9.29% | 12.09% | 13.15% |
| filing | 2 | -40.10% | -25.15% | -10.77% | -2.80% | 0.00% | 0.00% | 0.00% | 0.90% | 2.47% | 3.21% | 9.29% | 12.09% | 13.15% |
| jointly | 3 | -45.10% | -28.30% | -12.87% | -4.38% | 0.00% | 0.00% | 0.00% | 0.00% | 1.36% | 2.21% | 9.29% | 12.09% | 13.15% |
Jon Huntsman
To calculate the taxes under Jon Huntsman’s plan for 2010, the income was subtracted by a $3,650 exemption for the individual, spouse and children. Then it is subtracted by the standard deduction, which is $5,700 for singles and $11,400 for married filing jointly. The result is the taxable income. The tax brackets shown in the previous sections were used to calculate the tax. The first $34,000 ($68,000 for married) of taxable is taxed at 8 percent. After that, the taxable income is taxed at 14 percent, if there is any, and so on according to the rates.
| Children | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $60,000 | $70,000 | $80,000 | $90,000 | $100,000 | $200,000 | $500,000 | $1,000,000 | |
| single | 0 | 0.52% | 4.26% | 5.51% | 6.13% | 7.30% | 8.42% | 9.22% | 9.81% | 10.28% | 10.65% | 13.17% | 19.07% | 21.03% |
| 0 | 0.00% | 0.52% | 3.01% | 4.26% | 5.01% | 5.51% | 5.86% | 6.13% | 6.56% | 7.30% | 10.65% | 17.56% | 20.28% | |
| married | 1 | 0.00% | 0.00% | 2.04% | 3.53% | 4.42% | 5.02% | 5.45% | 5.77% | 6.01% | 6.79% | 10.40% | 17.39% | 20.19% |
| filing | 2 | 0.00% | 0.00% | 1.07% | 2.80% | 3.84% | 4.53% | 5.03% | 5.40% | 5.69% | 6.28% | 10.14% | 17.22% | 20.11% |
| jointly | 3 | 0.00% | 0.00% | 0.09% | 2.07% | 3.26% | 4.05% | 4.61% | 5.04% | 5.36% | 5.77% | 9.88% | 17.05% | 20.03% |
Comparison of All the Effective Rates
Here are the numbers in charts:
Ron Paul has the lowest rates for most incomes, except the lower incomes because they get the Earned Income Tax Credit.
Besides Ron Paul, for those who deduct mortgage and charitable contributions, Newt has the lowest tax rates up until around $20,000. After that it is Rick Perry until around $40,000. After that it is Jon Huntsman until the income is into the six figures when it becomes Newt Gingrich again.
However, for those who only take the standard deduction it is Newt until $15,000. Then it is all Jon Huntsman until the income is in the six figures when it becomes Newt again.
Ron Paul has the lowest rates for most incomes, except the lower incomes because they get the Earned Income Tax Credit.
Besides Ron Paul, for those who deduct mortgage and charitable contributions, Newt has the lowest tax rates the whole time.
For those who only take the standard deduction, Newt is still the lowest, except between $80,000 and $200,000 when Jon Huntsman has the lowest rates.
For those who deduct mortgage and charitable contributions, Newt has the lowest tax rates for those lower than around $70,000. Ron Paul has the lower rates above $70,000.
For those who only take the standard deduction, Newt has the lowest rates for those below around $55,000, and Ron Paul has the lowest rates for those above. Jon Huntsman does have a lower rate than Newt between around $100,000 and $200,000.
This chart shows why the previous chart was cut off at –10.00%:
For those who deduct mortgage and charitable contributions, Newt has the lowest tax rates for those lower than around $75,000. Ron Paul has the lower rates above $75,000.
For those who only take the standard deduction, Newt has the lowest rates for those below around $60,000, and Ron Paul has the lowest rates for those above. Again, Jon Huntsman does have a lower rate than Newt between around $100,000 and $200,000.
This chart shows why the previous chart was cut off at –10.00%:
For those who deduct mortgage and charitable contributions, Newt has the lowest tax rates for those lower than around $80,000, after which Ron Paul has the lower rates.
For those who only take the standard deduction, Newt has the lowest rates for those below around $70,000, and Ron Paul has the lowest rates for those above. Again, Jon Huntsman does have a lower rate than Newt between around $100,000 and $200,000.
This chart shows why the previous chart was cut off at –10.00%:
Link to this article:
http://articlesonpolitics.blogspot.com/2011/12/effective-tax-rates-for-all-plans.html
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