Taxes and wages: how life will change if Trump becomes president

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Speaking at the first debate with Hillary Clinton, Donald Trump, the Republican candidate, spoke about taxes, social security and other economic aspects of Americans and America as a whole.

Go Bankinga Rates decided to check Trump’s campaign program and highlighted 7 important points.

Trump on taxes

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Trump said the rich are not among his biggest fans. “The Americans who love me the most are poor and middle-income people,” he told Breitbart News Sunday. “Without a doubt, the presidential candidate's plan is to lower the effective tax rate for middle-income Americans.”

In addition, Trump plans to increase the deductible amount for couples filing a joint declaration from $ 12 600 to $ 30 000. For single people, this amount will be $ 15 000.

According to the US Census Bureau, the average household income in 2015 was $ 55 775. Assuming that this is an average tax for families filing a tax return together, then Trump's tax plan will save them about $ 4 334, or 34%, compared to current legislation, in accordance with the calculator from the Tax Fund.

Trump and minimum wage

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Minimum wage has become a hot topic this summer. Rallies were held throughout the country to support a minimum payment of $ 15 per hour. Clinton itself proposes to fix $ 12 per hour at the federal level and encourage cities and states to pay more.

While economists disagreed on the issue, Trump said each state should set its own minimum wage. “Let each state decide for itself, because if you take New York, where living is very expensive, then $7-9 is not enough,” Trump said in an interview with The O'Reilly Factor.

As for the minimum wage at the federal level, Trump would set $ 10 per hour. While maintaining a low minimum wage, he plans to increase the number of jobs in the United States. Thus, he wants to lure back large enterprises that have moved production abroad to reduce costs.

Trump and Health

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On his website, Trump writes that if he is elected president, he will ask Congress to repeal the Law on Affordable Health Care. He promises to follow the principles of the free market and work with Congress to expand access to healthcare, reduce costs and improve quality.

Trump and Social Security

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Trump says he opposes cutting Social Security. In an April 2015 interview with Fox News, Trump said he would make the country "so rich that you won't need these things."

Without changes to the existing social security system, the Treasury Department will need to redeem the bonds between 2020 and 2033 and borrow from other sources to cover social security costs if there is not a sufficient federal budget surplus, according to Motley Fool.

Donald Trump on immigration

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Trump blamed illegal workers for the economic problems of America and took a tough stance on immigration, stating the need to deport 11 to millions of illegal immigrants.

The presidential candidate also wants children born to illegal immigrants in the United States to be deported. Trump also wants to triple the number of agents patrolling the southern border and build a wall separating the country's 2.

As for the system of deprivation of citizenship of Americans born to illegal immigrants in the United States, this process will entail amending the Constitution. And this is quite a long and routine process. Ensuring the deportation of illegal immigrants, meanwhile, can be worth billions.

Trump and student loans

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Trump promises to create new jobs to help Americans pay off student loan debt.

Trump's position on student loans is certainly very popular. Student loans across the country rose to $ 1,26 trillion in the United States, according to the Federal Reserve Bank of New York. Since Trump did not provide details of how he will decide on the issue of paying off student loans, it is difficult to say how his presidency will affect young people.

Trump and interest rates

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As for low interest rates, Trump fears that this will lead to a fall in the economy. Moreover, after becoming president, he will strive to raise them. Meanwhile, the Federal Reserve is ready to raise interest rates if the economy shows a downward trend. Higher interest rates can reduce consumer loans and spending.

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