What a Trump Presidency Could Mean for Your Income

Contributing sentiments towards policy:

64% : If re-elected, Trump can extend the TCJA, which could have a significant financial impact on helping the rich.
62% : "Social Security provides essential income for many elderly Americans, so eliminating taxes on benefits could help make ends meet for some.
61% : Here's My Prediction for the Working Class If JD Vance Is Vice PresidentRead Next: 7 Reasons You Must Speak to a Financial Advisor To Boost Your Savings in 2024To find out how Trump's policies could affect your wallet, we spoke with experts who explained six ways Trump could impact your income.
58% : "He added, "However, the Social Security program is already underfunded, and losing this tax revenue would only worsen its financial outlook, risking benefit cuts or tax increases down the line.
53% : "Nischay Rawal, CPA and tax advisor with NR Tax & Consulting, agreed and stated, "Eliminating taxes on tips and social security benefits may provide temporary relief for some but reduce government revenue needed for programs like Medicare and Social Security.
52% : ""Not forgiving student loans would discourage higher education and slow social mobility," Russell Rosario, financial expert and CPA, said.
51% : "According to the Education Data Initiative, nearly 43 million Americans have student loan debt, collectively totaling $1.753 trillion.
40% : "On the campaign trail, Trump has been vocal about supporting no taxes on social security.
30% : While the current administration has made canceling student loan debt a priority, it's not likely Trump will since he's called Biden's policy "vile.
28% : When Trump was in office, he enacted the Tax Cuts and Jobs Act of 2017 ("TCJA"), whichwas a big tax code overhaul for businesses and taxpayers that is set to expire in 2025.
27% : "Trump has touted a plan to impose a 10% universal baseline tariff on all US imports to save jobs, but that could backfire and cost Americans money.
23% : "Trump has proposed raising the child tax credit from $2,000 per eligible child to $5,000, which would help families but could have a negative impact in other ways.
17% : Additionally, here are six ways Trump could be financially harmful for boomers.

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