Now that the presidential election is over there are a lot of questions being asked about how a Donald Trump presidency will affect Americans and their families. One of the many issues that people are concerned about is the potential impact of new policies affecting personal finances. Here are a few ways your wallet could be influenced by Trump’s election.
Trump has been very vocal about his plan to decrease taxes, particularly for the middle class. According to the Tax Policy Center, he has proposed to cut taxes by $6.2 trillion over a 10-year period. One of the ways Trump plans to do this is by increasing the standard deduction for single filers to $25,000 and $50,000 for jointly filing married couples. You can view how your taxes could potentially be affected by visiting the TaxFoundation.org.
While President-elect Trump’s election has caused much uncertainty in the economy, the good news is that interest rates will likely not rise in the near future. Those of you that are dealing with credit card debt will likely not have to worry about an increase in interest rates. If you are currently experiencing credit card woes, read our “6 Best Ways Ways to Pay Off Debt“.
It is clear that Trump does not approve of the Affordable Care Act (ACA) also known as ObamaCare, but it is uncertain how health care will be affected exactly. According to a Commonwealth Fund study, if the ACA is repealed, a potential 16 to 25 million people will become uninsured. However, keep in mind that it is more likely that the ACA will remain law but be greatly changed. President-Elect Trump has stated that he plans to repeal and replace ObamaCare soon after taking office.
Access to Credit
Trump’s presidency may make it easier to secure loans, which could potentially boost the economy by allowing people to buy homes and start businesses with less difficulty. Interested in learning the secrets of the people with great credit, then check this out!