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Senator Kamala Harris, Democrat of California, speaks during a press conference held by Senate Democrats

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GOBankingRates talked to experts to get the scoop on what might be coming down the pike.

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Potential Expansion of Earned Income Tax Credit

Heres some potentially good news.

This could put more money in the pockets of lower-middle-class families.

Changes to the Standard Deduction

Carpenito warned that the current substantial standard deduction could be reduced.

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Modifications to Child Tax Credit

Got kids?

This could impact family budgets significantly, especially for those with multiple children.

The Bottom Line

While electionscanimpact our finances, theyre just a small piece of the puzzle.

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