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As the Trump Economy begins, here are five money moves the middle classshould make before Inauguration Day.
Trump needs congressional approval by the end of the year to make good on his promise.
Republicans typically favor lowering individual tax rates and increasing standard deductions.
However, Congressional Republicans hold a slim majority and need to vote in lockstep to continue themiddle-class tax breaks.
Financial experts advised clients to prepare as if the tax breaks would end in December 2025.
Tax-efficient investments such as municipal bonds, charitable giving andmanaging capital gains, can also reduce taxable income.
Consulting a tax profession for personalized strategies is highly recommended.
It is best to pay these obligations down or convert them to fixed rates, Schiffman said.
Prepare for Market Volatility
According to a recentU.S.
However, the impact of Trumps tariffs, taxes, and immigrationcould result in higher interest rates.
Currently, CDs are providing decent interest rates, Musson said.
If the economy improves and interest rates decrease, you could expect that CDs wont be a great investment.
Review Your Health Insurance Plan
The middle class could change their health insurance plans.
During the campaign, Vice President-Elect J.D.
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