5 Ways a Trump Win Could Affect Your Finances If You Make Less Than $100,000 a Year
No Direct Tax Cuts
During Trump’s first term, he approved tax cuts for those with incomes in the top 1%. That did not help those who make under $100,000 a year. Chuck Warren, the host of
Breaking Battlegrounds Politics Podcast, said that if Trump is reelected, those in that under $100,000 income bracket can expect to see more tax policies that do not benefit them.
“If he gets reelected, we may see the continuation or expansion of such tax policies. While there could be some short-term tax reductions for middle-class and low-income earners, over time, their advantages could favor the rich and hence increase income inequality,” Warren said.
However,
Dr. Jim Ronan, a lecturer in the department of political science at Villanova University, said there could be an upside when it comes to taxes for those making less than $100,000. “Based on the 2017 tax legislation, a further reduction in both the corporate and individual tax rates seems guaranteed. Therefore, those earning less than $100,000 would benefit from the individual reductions, and many would benefit from a potential increase to the Child Care Tax Credit.”