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Americans tend to vote based on their pocketbooks.
If they feel they are doing well economically, they may vote for the incumbent.
However, the unique circumstances of the past several years make it difficult to draw true comparisons.
That said,heres how your monthly bills might change under a Trump vs. a Biden presidency.
If Trump is re-elected, interest rates could come down, which would be a boon for housing prices.
Expect more progress on energy cost moderation in a second Biden term.
However, these programs could also reduce competition among energy producers, leading to higher prices over time.
Thus, they certainly will impact climate change negatively.
And they will become more consequential as a result of the upcoming election.
The Tax Cuts and Jobs Act of 2017 cutindividual and estate taxesby $3.4 trillion, benefitting almost everyone.
This bill expires in 2025, and each major candidate has a different way of handling its lapse.
He will use the income generated to further cut taxes on those earning less than $400,000.
Former President Trump has promised to cut taxes for everyone, including corporations and the super-wealthy.
He has yet to say where the money will come from to fund these tax cuts.
But the impact on your wallet is a place to start.
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