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Here is what you might see ifeach candidates proposed policiesbecome law.
Adjustments affect how much disposable income workers bring home, which is to say taxes directly affect net earnings.
Financial experts suggest that these tax proposals have far-reaching implications for employees across industries.
For instance, a cut in corporate taxes might encourage companies to either hire more people or raise wages.
However,a recent studyfound that cuts dont always pay off with higher wages in low-wage sectors.
So, workers might see wage increases if their employers pass on benefits, but it isnt guaranteed.
For families living paycheck to paycheck, this can bring instant relief and createfar greater disposable income.
This proposal aligns with more states seeking to increase minimum wages because of the increasing cost of living.
As such, this policy could help lift many workers, but it also could pose challenges.
Trump has been noncommittal about a federal minimum wage, saying states should be given the power to decide.
Even with that state-centric approach, minimum wage increases might not rise evenly from state to state.
The Gig Economy and Worker Classification
The election result could greatly affect gig workers and independent contractors.
This differs from Trumps policies, which have typically supported the status quo.
Some experts think Trump might favor keeping gig workers classified as independent contractors.
Between employee reclassification and independent status, the decisions made could directly affect people working in the gig economy.
Trump focuses on incentivizing businesses to pursue equity practices voluntarily.
Both candidates of any approach understand that an inclusive workforce is essential, but they differ in that approach.
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