Who lives in the East Wing usually has a lot of opinions about things that could affect your money. Here’s where President Trump and former VP Joe Biden stand.
Taxes: Trump wants to extend some key parts of his 2017 tax code update. Reminder: some changes, like a higher standard deduction and bigger child tax credit, expire after 2025. He’s also promised deeper tax cuts for the middle class.
Healthcare: Trump’s made it clear he’s anti Affordable Care Act. He’s pro lower drug prices and protections for Americans with pre-existing conditions.
Student loans: Trump plans to say ‘bye’ to the Public Service Loan Forgiveness program and modify income-based repayment. Under his plan, undergrad borrowers would hand over a max of 12.5% of their discretionary income over 15 years (compared to the current 10% cap for 20). He's also proposed setting loan limits to help curb tuition costs for new undergrad and graduate students.
Jobs: A Moody’s analysis says Trump’s policies could help create more than 11 million new jobs by 2024. He’s indicated that states should call the shots on minimum wage.
Taxes: Biden says he won’t raise taxes for Americans earning less than $400K.
Healthcare: Biden wants to expand the Affordable Care Act and give people a choice between public health insurance and employer-based plans. He’s into lower prescription costs and bringing back the Obama-era “individual mandate” penalty for not having health insurance.
Student loans: Biden says he would forgive higher-education debt for undergrad borrowers who earn less than $125K and went to a public school. And cancel $10,000 for all federal borrowers ASAP. He also thinks it's a good idea to waive public college tuition costs for students from families that earn less than $125K.
Jobs: Moody’s analysts predict a Biden presidency would lead to 18 million new jobs. He’s in favor of a $15/hour national minimum wage. (Psst: it’s been $7.25 since 2009.)
theSkimm: Americans are deciding who they want to run the country for the next four years. The winner could have a pretty big impact on things you care about – including your finances.
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Skimm'd by: Ivana Pino, Stacy Rapacon, Elizabeth Smith, and Elyse Steinhaus