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But then in 2020, Michigan once again flipped, helping Joe Biden take office.
As election day draws near, its a toss-up between whether Michigan will vote for Kamala Harris or Trump.
Regardless of who wins the election, inflation is a major concern that will need to be addressed.
Like Harris, Trump has proposed several policies to support the economy.
Some of these policies, however, could lead to higher costs.
For example, Trump has proposed enacting tariffs on imported goods.
This could supportmore domestic businesses, but it very likely would make these goods more expensive for the consumer.
For those planning for retirement, this would mean paying more money for everyday goods.
During Trumps term in office, the S&P 500 rose 68%.
Under the Biden Administration, the S&P 500 has risen 46%.
Like Harris, Trump has indicated support of both programs.
However, he has alsowritten, Seniors should not pay tax on Social Security!
This doesnt necessarily mean hes going to eliminate tax on Social Security.
But doing so could hasten the depletion of the Social Security trust funds and lead to insolvency sooner.
Currently, Trump hasnt provided specifics on how he intends to address this.
Those who might want to sell their current homes and relocate might also struggle with rising costs.
This brought about some major changes to the tax code both forbusinesses and individuals.
If Trump is reelected and ends up extending the TCJA, retirees with large estates could benefit.
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