What Would You Do With Your Tax Savings?

June 2, 2016: According to a recent survey by Couponbox.com, most Americans would save their tax savings as opposed to spending it. Naturally, that depends on whether or not the next president would actually cut taxes for most Americans, which Couponbox.com also researched.

Based on an average proposed tax savings by each 2016 presidential candidate of $4, 370.50, the survey asked more than 2,000 Americans what they would spend that amount of money on.

What to Do with Tax Savings?

40.67 percent of respondents said they would do the responsible thing and save or invest their tax savings. 15.33 percent said they would pay down debt on credit card, car loans or mortgages. 8.92 percent reported that they would simply spend it on themselves, and 8.42 percent said they would do nothing with their tax savings.

Other responses included “go on vacation” (4.83 percent), “buy gifts for family” (4.5), “buy a car” (4.08), “make home improvements” (3.75) and “pay for my education” (3.42).

Only 3.25 percent of respondents stated that they would give all or part of their tax savings to charity, and 2.83 percent claimed that they didn’t know what they would do.

Which Candidate Offers the Best Tax Savings?

Couponbox.com’s research also revealed that the average tax savings proposed by each candidate would be $7,067 (Sanders), $1,620 (Trump) and -$20 (Clinton).

According to Donald Trump’s tax plan, Americans will save thousands of dollars with federal income tax breaks and cuts in government spending.

Under Hillary Clinton’s plan, average Americans will pay slightly more in federal income taxes, but will receive more public benefits, paid for by the taxes of the wealthiest Americans.

Bernie Sanders’ tax plan proposes to raise taxes for all Americans, including the super wealthy. However, he also proposes that healthcare and education costs (approximately $11,525 per year) will be paid for by these taxes, resulting in an actual tax decrease.

Check out the full results of the survey in the infographic below.

What Would You Spend Your Tax Savings On?

To embed the infographic above on your website simply copy and paste the code below:

<p><img src="https://www.couponbox.com/press/wp-content/uploads/2016/06/Americans-Love-Saving.jpg" title="Americans Love Saving" /></p><p><a href="https://www.couponbox.com/press/what-would-you-do-with-your-tax-savings/">What Would You Do With Your Tax Savings?</a></p>

Steve Cuffari

Steve is a writer, researcher and avid traveler from NYC. His favorite products to save money on are travel, food and beverage and tech gear. If you have any questions or suggestions, just email him: steve@stevencuffari.com.