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He explained, Voters must considerwhich policiesthey believe will most benefit their pocketbooks and long-term financial well-being.
The outcome will shape economic policy for years to come.
Tax Policy
Trump and Bidengreatly disagree on tax policy.
The former president promised to extend the tax cuts that began during his administration and will end next year.
Both approaches have caveats.
Bidens emphasis on higher tax rates could slow economic growth, while Trumps policies could increase the federal deficit.
His administration also sparked efforts to reduce regulatory constraints on businesses and promote free-market principles.
Bidens administration focuses onstrengthening consumer protections, promoting competition, and advancing environmental and labor standards.
He has also introduced stringent regulations aimed at the fossil fuels and technology industries.
In May, the Biden administration approved an additional $7.7 billion in debt relief for 160,000 borrowers.
In the short term, this benefits consumers who receive money, Siggins said.
In the long term, this increases the national debt.
Trump suspended all federal loan student payments and temporarily set interest rates to 0% during COVID-19.
His 2021 budget proposal sought tocut spendingon student loan forgiveness by $170 billion.
Health Care
Health Careis essential to financial security, Klesinger said.
Trumpcalled for the repeal of the ACAand for reducing health care costs through private competition.
My firm sees health care costs squeezing clients, Klesinger said.
Bidens plan may help more.
However, the outcomes are complex.
Trade
Thedifferences in trade narrowbetween Trump and Biden, as both candidates appeal to working-class voters.
Our analyses show tariffs raise consumer prices, Klesinger said.
Alliances may curb this.
However, the domestic production gains are unclear.
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