Trump has proposed many policies throughout the course of the campaign. So how will they affect you?
Bob Wamhoff, president at Wamhoff Financial Planning & Accounting Services, visits Fox 2 News in the Morning to review the economic highlights of the president-elect’s policies.
• Trump has proposed the creation of new, simplified tax brackets, down to just three brackets (from seven) for married, joint filers. These brackets include tax rates of 10% to 39.6%.
• This simplification would lower the tax burden for most.
• If you make less than $75,000, you’d pay just 12% in taxes. $75,000 to $225,000, you’d pay 25 percent. For those who make $225,000 and more, 33%.
• Trump has also vowed to eliminate the so-called ‘Death Tax’ so that, in most cases, heirs would not be taxed on inheritances.
• Trump has proposed raising the minimum wage from $7.25 per hour to $10 per hour.
• This would increase the pay for nearly 15 million American workers.
• At present, 870,000 hourly workers in the United States earn minimum wage.
Child care expenses, paid maternity leave
• Trump plans to provide deductions for the cost of child care (and care of elderly dependents) from federal income taxes.
• In addition, he has proposed a child-care rebate to low-income taxpayers, as well as a matching $500 contribution to their savings account.
• His plans also call for six weeks of paid leave for new mothers, at a rate equal to what they’d earn through unemployment pay.
• Finally, he’d allow parents to open tax-free savings accounts dedicated to child care.
• Trump has, thus far, been inconsistent on his position on whether he’ll favor an interest rate hike.
• He’s also been at odds with Federal Reserve Chair Janet Yellen throughout the campaign, leading some to believe that he may replace her in 2018.
• We have yet to see where trump will land on his position on interest rates once his administration is in place.
• Throughout the campaign, Trump has vowed to repeal the Affordable Care Act completely, and replace it with heath savings accounts.
• Because there are so many variables associated with this issue, it’s difficult to say exactly how it may impact the average American’s wallet.
• We’re advising that everyone stay vigilant, as things will be changing.