Mortgage Calculators

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Ira Tax Effects

Armey Flat Tax Calculator

The Armey proposal is a single flat tax rate for everyone, which advocates the elimination of all deductions (like home mortgage interest for example). The rate would be 17% and the standard deductions would be raised accordingly (Single $11,300; Head of Household $14,850; Married Filing Jointly $22,700; Children Allowance $5,300 each). The deductions would be reduced to keep the plan revenue neutral. There would be no direct personal income taxes on interest, dividends, or capital gains.

This calculator can be used to compare any income/deduction combination; just enter the following information (this form uses the 1995 tax schedule).

Wage income
Filing Status
Number of Dependents
Flat Tax Rate (I'm keeping Gramm 1% lower than the others)
For comparison, put in the following to calculate your current taxes too:
Non-Wage income (Interest/Dividends)
Capital Gains (& Distributions)
Mortgage Interest, Charitable Contributions
Other Itemized Deductions (State/Local Tax, Medical, etc.)

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