What will change in the life of an ordinary American after the election of Trump

What will change for Americans with the arrival of the new US president. Photo: Depositphoto

In January 2017, Donald Trump will assume the position of President of the United States. While experts are carefully predicting what actions the future head of state will take in the first place. But on the basis of the already announced program, and having studied the traditions with which the Republican presidents come to power, the experts interviewed The Washington Post made a forecast about what an ordinary American can expect after the election of a new president.

Tax cuts

The most significant part of Trump's election campaign concerns the easing of the tax burden for all. Trump wants to divide taxation into 3 categories. 12% will be paid by those who earn less than $ 75 000 per year, 25% will be paid by those who earn $ 225 000, 33% will be paid by those who earn above this bar. It is worth noting that the US tax system usually takes into account family income, so these amounts relate to the total income of spouses.

Salaries

According to TrumpEach state must decide for itself what the minimum wage will be, since the cost of living in different parts of the United States is not the same. However, its benchmark is $ 10 per hour of minimum wage. Thus, he wants to increase the number of jobs and lure back large enterprises to America, which are now in Mexico or China, where labor is cheaper.

Jobs

Have trump accent - on heavy industry. He plans to invest $ 500 billion in metal production and the coal industry. He opposes the Trans-Pacific Partnership (free trade zone), since these conditions are unprofitable for the United States. Trump also plans to revise the terms of the North American Free Trade Agreement (between the United States, Canada, Mexico).

Retirement savings

Experts believe that pension savings will not undergo major changes. The 401(k) program will continue to operate. Economists recommend saving those savings that are intended for retirement and not worrying about a decline in the market - the situation should stabilize in the coming weeks.

Healthcare

Trump has already announced that one of his first steps would be to cancel Obamacare. Republican control of Congress is likely to help make this decision. While it is difficult to predict the exact changes, but it can be assumed that Trump will cancel the obligation to have medical insurance for everyone, many may lose the insurance subsidies they receive now. However, Trump is likely to retain the ability for Americans to deduct medical expenses from a tax return. One should not, however, expect changes to occur overnight. There is a long work ahead of Congress to correct all the details.

The housing market

As taxes fall, consumers will have free money. This means that we should expect an increase in housing prices. By next year, experts expect a sharp rise in real estate prices.

Interest rate

This is perhaps the biggest question, the answer to which so far no one takes. The arrival of Trump and the expectation of his decision on this issue could cause the US Federal Reserve to postpone the increase in interest rates in December, as previously planned. Mortgage rates are still growing.

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