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What would you pay under the Obama and Romney tax plans?

August 19, 2012

OK, I was joking (mostly) when I suggested yesterday that you spend your Saturday reviewing Paul Ryan's last two tax returns.

But here's a Sunday tax activity that won't take long. You can squeeze it in before you head out to brunch.

Check out your potential 2013 tax bill via the SmartAsset.com interactive infographic that compares President Obama's and Mitt Romney's tax plans.

Obama Romney interactive tax plan infographic via SmartAsset Click the image to use the calculator.

The financial modeling website SmartAsset built its calculator using the current information available about the Obama and Romney tax plans.

But because Romney plans to eliminate certain tax credits and preferences but doesn't provide details on which tax expenditures he would excise, the calculator makes some assumptions.

Obama calculator, too: So does the tax-plan comparison tax calculator on the Obama campaign's website.

Instead of providing a possible tax bill when you enter your income, the president's calculator tells you what your tax savings are under each candidate's tax plan.

The Obama model is based on an analysis by the Tax Policy Center. That nonpartisan tax research and policy group determined the tax increase or tax cut the average family in each income group if Romney paid for his $5 trillion tax plan by cutting tax benefits.

Again, without specifics from the GOP candidate, the TPC made some, as the Obama calculator says in its disclaimer at the bottom of the calculator page, "simplifying assumptions that may differ from the circumstances of any particular user."

The Romney camp is not pleased with the TPC report, going as far to call it "a joke."

The GOP presidential campaign could make the tax comparisons more serious (less funny?) by providing tax plan details now, not after the election as has been suggested.

And if the Romney camp does create a competing tax calculator based on its data, I'll be happy to add it to this list.

In the meantime, happy tax estimating with what we've got.

EDITOR'S NOTE: Karawyn at Pocketmint has done a detailed analysis of the SmartAsset and Obama tax plan calculators. And I mean detailed. Kudos for the hard, and sleep-consuming, work.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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