With the field of six candidates, there's a wide range of tax proposals, each of which have different effects on your wallet. For one, GOP front-runner Donald Trump's plan would slash tax rates for everyone. The real estate mogul is seeking to eliminate the current top individual income tax rate of 39.6 percent and create three tax brackets: 10 percent, 20 percent and 25 percent.
That said, a few observers have their doubts.
"I don't think it's viable," Tax Foundation President Scott Hodge told CNBC. "I think it's a dramatic overreach and an over-promise."
Established in 1937, The Tax Foundation is an independent, non-partisan tax policy research organization. For the current election cycle, the organization compared the economic effects of each of the candidates' tax plans.
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Studies from both the Tax Foundation and another group, the Tax Policy Center, estimate that Trump's plan could cut tax revenues by more than $10 trillion dollars over the next 10 years, resulting in a large burgeoning of the national debt. Earlier this week, Trump responded by telling CNBC he could close that gap by cutting waste and fraud in government.
However, Hodge branded that as "unrealistic," suggesting that Trump's plan doesn't have structural changes to the tax code that could improve the economy. "It's really just a tax cut plan, it's not a tax improvement plan."