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The current exemption is over $11 million per person, benefiting only the wealthiest families.
Rawal added that increasing exemptions could help small business owners pass companies to heirs.
However, it may decrease government tax revenues that fund programs and services Americans rely on.
Trumps proposed tariffs could influence the cost of imported goods.
Decisions on infrastructure spending could affect transportation and utility costs.
This means that deregulation is part of Trumps platform and was a key focus at theRepublican National Convention.
Talk of deregulating Wall Street worries me, Klesinger said.
While regulation isnt always efficient, reforms passed after the financial crisis protect consumers and ensure market transparency.
Rolling backtoo much regulationcould expose people to predatory practices and risk another crisis.
I can say tax cuts often come with unintended consequences, Rawal said.
Lower taxes today could mean higher taxes tomorrow if deficits rise or promised economic growth does not materialize.
However, focusing on the long term,lower business taxesand reduced regulation may spur entrepreneurship.
He noted this also could widen the deficit, if economic growth doesnt offset revenue loss.
My clients avoid speculation and focus on managing what they can control, Rawal said.
I advise making financial decisions based on your personal priorities and values, not promises of future benefits.
Klesinger agreed, adding, In the end, campaign promises may not lead to real policy changes.
The impact on any one person will depend on their unique situation.
Blain echoed that: Overall, the impact on Americans finances will depend on their unique situation.
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