7 ways a Trump administration could affect your finances
CNN
President-elect Donald Trump promised Americans he’d bring down consumer prices, make health care more affordable and protect Social Security. Now he has to follow through.
President-elect Donald Trump promised Americans he’d bring down consumer prices, make health care more affordable and protect Social Security. Now he has to follow through. Concerns about inflation and the cost of living were central to Trump’s victory in the US presidential election. According to CNN exit polls, 68% of voters said the economy was either poor or not good. Much of the president’s ability to impact economic policy depends on approval from Congress. Nonetheless, when Trump is inaugurated on January 20, he will be on the hook to make good on his promises. Here are seven ways a Trump administration could affect your personal finances. On the campaign trail, Trump suggested expanding the child tax credit, which provides financial assistance to parents in the form of tax breaks. The policy platform linked on his website mentions expanding the child tax credit but does not include further details. During Trump’s first term, the 2017 Tax Cuts and Jobs Act temporarily expanded the child tax credit from $1,000 to $2,000. That credit is set to expire at the end of 2025, but with approval from Congress, Trump could extend the 2017 tax cuts or introduce a new policy.
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