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Biden endorsed Vice President Kamala Harris to replace him.
Many voters are wondering which candidate in the 2024 election will be better for theircost of living.
Vipin Porwal is the CEO and founder ofSmarty.
Now that Biden is no longer in the race,what will happen to the economy?
Heres what experts had to say.
Jim Ronan, a lecturer in the department of political science at Villanova University.
Higher Capital Gains Tax
One of the taxes that could specifically rise is thecapital gains tax.
President Bidens proposed 2025 budget totaled $7.3 trillion.
One way he said he would raise funds was by raising thecapital gains tax.
This is based on income.
A Democratic nominee replacement most likely will continue with some sort of capital gains hike.
Increased Inflation
If youre planning out your budget for next year, plan on prices going up.
The currentinflation rateis right around 3%.
Is Biden to blame entirely for inflation?
Economists at CNBC say that inflation rising can be attributed to fallout from the pandemic and global conflict.
Milton Ezrati, the chief economist atVested, said prices are likely to go up.
I think [Bidens] withdrawal will have no effect, Ezrati said.
What will have an impact is who replaces him on the ticket.
Gavin Newsom and Michigan Gov.
The first two are big spenders, Ezrati said of Harris and Newsom.
Ezrati added that inflation might be inevitable, no matter who is on the ballot.
Schultz agreed and said inflation will still be an issue no matter who wins in November.
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