How Donald Trump’s Policies Could Impact Your Money
The policies initiated by Donald Trump while in office have impacted the U.S economy as well as personal finances drastically. Local regulations on short-term rentals like Airbnb can affect your financial situation in a variety of ways, so it’s good to understand how changes might impact you.
Since it sought to lower tax rates for individuals and corporations alike, the Tax Cuts and Jobs Act. This meant more take-home pay for a lot of taxpayers, which theoretically at least could keep consumer spending going. But the detractors contended that these tax cuts were lopsided in favor of higher-income individuals and corporations — contributing to income inequality. Therefore, the effect on your finances can be quite different depending on what you earn and how much money you have.
However, trade policies had a much larger impact under Trump. Trade agreements (e.g., USMCA) were renegotiated protecting American jobs and industries. While these changes might seem to benefit domestic businesses, they could ultimately drive up prices for consumers as tariffs and trade barriers directly impact the cost of imported goods. For consumers, it is important to know how such legislation might affect the costs of everyday goods.
Furthermore, the deregulation across sectors such as energy and finance can work both ways when it comes to your personal finances. Though scaled-down environmental regulation can translate into lower energy prices, higher income for households. On the other hand, deregulating finance can heighten risks to both banks and investment markets thus putting your savings and investments at risk.
Third, the overall economy under Trump : with job growth and stock market swings — that you can base your own financial situation upon. Interest rates and inflation are government policy spears as well so you should definitely know what the hell is going on when any of these 2 things move too much.
In summary, your finances under a Donald Trump Presidency have many potential implications. Figuring out the good and bad affects of these policies can help you work towards making sure they are in your best financial interest for the future.
