Case #1 If your taxable income was between $38,701 and $82,500, then your tax rate dropped from 25% to 22%. https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/
Let’s say your taxable income was $50,000.
Before Trump’s tax cuts you paid 25% of $50,000 or $12,500
After Trump’s tax cuts, you paid 22% of $50,000 or $11,000, a savings of $1,500. That means
you saved $1,500/$12,500 or
12%.
If Biden wins and removes the tax cuts, then your taxes go up by $1,500. But now that you started with a payment of $11,000, then
the increase is $1,500/$11,000 or
13.6%.
Case #2 If your taxable income was between $9,526 and $38,700, then your tax rate dropped from 15% to 12%.
Let’s say your taxable income was $30,000.
Before Trump’s tax cuts, you paid 15% of $35,000 or $5,250
After Trump’s tax cuts, you paid 12% of $35,000 or $4,200, a savings of $1,050. That means
you saved $1,050/$5250 or
20%.
If Biden wins and removes the tax cuts, then your taxes go up by $1,050. But now that you started with a payment of $4,200, then
the increase is $1,050/$4,200 or
25%.