Explore Debt.com

The votes are counted and the mayhem is over — say hello to President Donald Trump, and goodbye to your 401k.

At least, that was the fear overnight: Stock market futures plunged as Trump surged. But the market will recover, and we’ll all be fine.

Maybe. Trump hasn’t been terribly specific about what he has in store for our finances, except on taxes. Apparently that doesn’t really bother 59 million Americans. It bothers me a lot, though.

Trump may not have a lot of concrete ideas — all the concrete went to the wall — but Congressional Republicans do.

For instance, they’ve made dozens of attempts to repeal Obamacare, which has languished in an unfinished state for six years. With control of both houses of Congress and the presidency, they can now finish undoing it. And what replaces it, just health savings accounts, as Trump has proposed? A big, fat tax deduction for health care plans? It will take years to unwind the architecture already put in place and many people will fall through the gap as it crumbles.

We can also expect to see a serious restructuring or even disbanding of the Consumer Financial Protection Bureau, which they have long complained lacks oversight and has too much regulatory power over credit cards, student loans, and banking. The CFPB has given us…

All that could be going away relatively quickly, compared to Obamacare. We can also expect to see organizations like Planned Parenthood defunded by the federal government, which means higher family planning expenses for many Americans.

But all that is speculation. We can look at things Trump has actually said he wants to do, right on his website, even if there aren’t a lot of details. Here are things Trump has talked about that could affect your wallet, for better or worse…

Economy

  • Promises to fight globalization
  • Promises to withdraw from the Trans-Pacific Partnership
  • Appoint trade negotiators to renegotiate the North American Free Trade Agreement and investigate violations of current trade agreements
  • Label China a currency manipulator
  • Temporarily halt all new agency regulations not currently mandated by Congress or public safety
  • Promises to make America energy dependent and create new jobs in the process
  • Use our $50 trillion in oil and natural gas reserves
  • Open onshore and offshore leasing on federal lands

Education

  • Shift $20 billion in unexplained current spending toward school choice, including private and charter schools
  • Push universities to reduce the cost of college and student debt
  • Make college, vocational and technical schools easier to access and pay for

Infrastructure

  • Build an impenetrable wall on the border with Mexico, which Mexico will pay for
  • Unspecified investment in transportation, clean water, the electric grid, telecommunications and security to create millions of jobs
  • Triple funding for state and local government loans designed to improve drinking and wastewater infrastructure
  • Plans to let states decide how to spend
  • $8 billion in infrastructure tax credits
  • An estimated $1 billion a year to improve roads, bridges, tunnels, airports, railroads, and ports
  • More oil pipelines and coal export facilities
  • Modernize airports and air traffic control

Healthcare

  • Increase the number of mental health care professionals in Veterans Affairs and allow veterans to seek care outside the VA
  • Repeal Obamacare and replace it with HSAs
  • Help states create high-risk insurance pools and let them decide how to manage their insurance programs
  • Allow insurance to be purchased from any state

Jobs

  • Promises 25 million new jobs over the next decade
  • New jobs in construction and steel manufacturing
  • Promises to eliminate every wasteful and unnecessary job-killing regulation
  • Curb new foreign workers to protect American jobs
  • Provide 6 weeks of paid leave to new mothers only

Taxes

  • Lower taxes for everyone, consolidated into three tax brackets
  • 12 percent for married-joint filers making less than $75,000; 25 percent for those making under $225,000; 33 percent for more than that
  • Capital gains rates will remain the same
  • Obamacare tax on investment income will be repealed
  • Alternative minimum tax will be repealed
  • Lower business tax rate to 15 percent for both large and small businesses
  • Raise the business tax credit cap for on-site childcare
  • Offer a one-time 10 percent tax rate to bring back offshore corporate profits
  • Standard deduction will be increased and personal exemptions will be eliminated
  • Allow average child care expenses to be fully deducted on taxes and a rebate on some expenses for low-income taxpayers
  • Creation of Dependent Care Savings Accounts to save for children’s education and other expenses, untaxed and capped at contributions of up to $2,000 per year, with a 50 percent match up to $1,000 per year for low-income taxpayers

That’s Trump. And for comparison’s sake, here’s what we might have got with Clinton, if she had a similarly cooperative Congress…

The first 100 days of Hillary Clinton's presidency

Taxes

  • Higher effective tax rates for multimillionaires — at least 30 percent
  • Fewer tax loopholes for the wealthy
  • return to 2009-era estate taxes, which will be much higher on the wealthy
  • Simplify taxes for small businesses and allow them to immediately write off investments
  • More tax breaks for high out-of-pocket health care costs
  • Make permanent the American Opportunity Tax Credit, which is worth up to $2,500 a year for families with college students and is 40 percent refundable
  • Restructure capital gains taxes to reward long-term investment over short-term gains at the expense of employees

Small business

  • Stop new “corporate inversions,” where big companies move their profits overseas to avoid taxes and gain competitive advantage
  • Hit companies that do leave with an “exit tax,” which will be used to fund $10 billion in American manufacturing jobs and startups through tax credits
  • Make the process of legally starting starting a business simpler
  • Ease access to loans for small business
  • Invest $25 billion to support entrepreneurship and small business growth in “under-served communities”
  • Make it easier for small businesses to get a health care tax credit to cover their workers

College

  • Create debt-free state college through grants to states, student employment, and cost-cutting measures
  • Tuition-free community college
  • A $25 million investment in historically black colleges and universities and other minority-serving schools
  • Lower student loan interest rates and allow student loan refinancing
  • Invest $250 million per year to increase access to child care on college campuses for student parents
  • expand the GI Bill’s educational benefits
  • Triple the size of AmeriCorps, a program that exchanges public service for in-state tuition waivers
  • Simplify imcome-based student loan repayment plans
  • Simplify the FAFSA to encourage more people to apply for financial aid
  • Allow federal financial aid to be used by people changing careers and pursuing specializations and certificates rather than larger degrees
  • Require college transparency about graduation rates, likely earnings, and likely debt to make comparison shopping easier
  • Allow aspiring entrepreneurs to defer student loan repayment for up to three years
  • Allow up to $17,500 in student loan forgiveness for entrepreneurs that start social businesses
  • A three-month moratorium on student loan payments to allow borrowers to take advantage of these changes

Economy

  • Oppose the Trans-Pacific Partnership, which she feels will not create good-paying jobs or raise pay
  • Strengthen antitrust laws and enforcement to encourage competition over consolidation
  • Cap prescription drug costs and prevent pharmaceutical price gouging, lower out-of-pocket health care costs
  • Invest $275 billion in infrastructure, including public transit, high-speed rail, water systems, natural disaster preparation, clean energy, airport modernization, bike and pedestrian paths on roads, bridge and road repair, high-speed internet in rural schools, and otherimprovements that create jobs
  • Fight efforts to privatize Social Security, reduce cost-of-living adujustments, or raise the retirement age

Housing

  • Invest $25 billion in housing including building more affordable rental housing to bring rents down and redeveloping blighted communities
  • Offer up to a $10,000 match on a down payment for a house for those below area median income
  • Support housing counseling programs to help people become successful homeowners
  • Push lenders to clarify requirements for getting a mortgage

Jobs

  • Gradually raise the minimum wage to $15
  • Expand overtime rules to apply to more workers
  • Reward companies that share profits with workers
  • Guarantee 12 weeks of paid family and medical leave for new parents or seriously ill family
  • Offer a $1,500 tax credit for every employee hired through an apprenticeship program
  • Invest $5 billion in jobs programs for ex-convicts
  • Fight for collective bargaining rights and unions
  • Provide grants for local youth jobs programs

Only time will tell what really happens. But we’ll be here to talk about it. Thanks for reading us this election season.