7 ways a Trump administration could affect your finances

[dalton99a]

https://www.cnn.com/2024/11/16/business/financial-impact-trump-administration/index.html

7 ways a Trump administration could affect your finances
By John Towfighi, CNN
Published 5:59 AM EST, Sat November 16, 2024

...

Social Security

Trump promised not to “cut one penny” from Social Security, according to his policy platform.

But he has proposed eliminating federal taxes on Social Security, tips and overtime pay. Tax revenue is used to fund federal aid programs like Social Security.

Eliminating the taxes would provide short-term relief but deplete funds for Social Security, according to the Tax Policy Center, leading to reduced benefits for workers.

Households making $32,000 or less would not benefit from the federal tax cut because the majority of their Social Security income is not taxed, according to the Tax Policy Center.

Under Trump’s proposal, the fund reserves for Social Security would run dry by 2031, according to the Committee for a Responsible Federal Budget. Additionally, there would be a 33% decrease in benefits for enrollees by 2035.

...

[La Coliniere]

1. Any working person of any age who

votes Republican is clearly stupid. Yep, I said it, they are stupid. The GOP has been wanting to destroy SS since its inception and their war against it has never stopped. The stupid is mind boggling.

[JT45242]

2. Who makes less than. $xxx ...

I understand why people who have a job that pays $200k or more vote selfishly for policies that benefit them.

We might argue over where the threshold dollar amount is...I could argue $400k.

But there are working people that benefit from rethug tax policy and make enough to afford insurance. They are likely in management or real estate sales, or owning rental properties, but there is a line where purely selfish reasons make sense.

Of course. I believe that the needs of the many outweigh the needs of the few, so Republican policy is always unacceptable even if I were to ever get to that salary, which I will not.

[Shermann]

3. I think it is still up in the air whether these tax exemptions will apply to FICA taxes or not. nt

[wryter2000]

5. Right

That's what pays SS, not income taxes.

[Shermann]

11. My guess is no

The pre-FICA deductions/exclusions are the very best kind and currently limited to only things like health plan premiums and HSA contributions.

Tip and overtime earners will be thrilled to get the basic federal income tax exemption and may not even be aware of the distinction.

[RandomNumbers]

4. Stock market / retirement accounts

I've been too busy with real work to play the market, and it is people like me who will get KILLED (unless I just get out now, which also has downsides). The people who have time to play, or don't care about their real jobs and constantly pay attention to this stuff, will have opportunities to fleece the rest of us.

I guess I have to change my attitude to save my retirement.

[Blue_Tires]

6. Don't look at me...

Americans voted for this shit and shit is exactly what they'll get.

[alwaysinasnit]

7. This doesn't even take into consideration the effect rounding up millions of undocumented

immigrants would have. Many of these people use fake SSN to work and FICA and Medicare taxes are withheld. The vast majority will never be able to collect on those funds. These funds ultimately get absorbed into the SS Trust fund and used to pay current pension obligations.

[Magoo48]

8. Now, how many ways can I manage my personal finances to cause the corporate

fucks who power this clown car, clusterfuck the most pain?
We can’t just rest on our grassroots and watch. The folks at the “top” cannot save us; we will have to take part and be willing to sacrifice.

[wnylib]

9. Trump's promises not to cut SS are as worthless ss

all his promises are. He is a compulsive liar.

[Ziggysmom]

10. I'm very afraid. I'm 65 and still working while being the caregiver for my disabled

husband. I know I don’t have enough in my 401K to allow me to retire now, and full retirement age for me is 66 years, 10 months. I plan to keep working till at least 70, if possible, which will boost my SSA retirement benefit at least $900 monthly.

I read a lot about finance & investing, but am not sure how conservative I should be with my savings and 401K. Thinking about it drives me crazy.

I’ve been meditating more and reading about Stoicism.
My inner peace needs all the help it can get!

?si=MZyP-qAIEzba-dKR