Menu PREVIOUS ARTICLE 27 Unbelievable Things Donald Trump Said About Money, Minorities and Women (http://www.gobankingrates.com/personal-finance/27- unbelievable-things-donald-trump-said-about-moneyminorities-and-women/) GO BankingRates (/) NEXT ARTICLE How Fashion Week Fuels New York s Economy (http://www.gobankingrates.com/personalfinance/fashion-week-fuels-new-yorks-economy/) Here s Presidential Candidate Donald Trump s Plan for Your Wallet 0 Comments (http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donaldtrumps-plan-wallet/#disqus_thread) By Beth Braverman (http://www.gobankingrates.com/author/bethbraverman/) September 8, 2015 Whether he s giving helicopter rides to kids at the Iowa State Fair or giving out the personal phone numbers of U.S. senators, Donald Trump has certainly shaken up the presidential race (http://www.gobankingrates.com/personal-finance/donald-trump-announces-potus-candidacy-874b-networth/). The Republican candidate, who is handily beating rivals in the polls, is certainly a showman, but many of his campaign stops have been heavier on rhetoric and promises to Make America Great Again than they have been on policy details. Read: 27 Unbelievable Things Donald Trump Said About Money, Minorities and Women (http://www.gobankingrates.com/personal-finance/27-unbelievable-things-donald-trump-said-about- http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 1/10
(http://www.gobankingrates.com/personal-finance/27-unbelievable-things-donald-trump-said-aboutmoney-minorities-and-women/) Although Trump has only released one position paper, in his many public appearances the billionaire has given a few indications of what a President Trump might mean for Americans. Here s a look at where Trump stands on eight key issues, and how his positions will affect your wallet and the U.S. 1. Donald Trump s Proposal on Minimum Wage Minimum wage (http://www.gobankingrates.com/personal-finance/see-minimum-wage-grown-past-50-years/) has been a hot-button issue, with many protesters advocating for a $15 minimum wage nationwide. While economists are split on the issue, in an NBC Meet the Press interview, Donald Trump said he would keep the minimum wage pretty much where it is right now in order to keep America competitive internationally. By keeping wages low, Trump might be able to boost jobs in the U.S. by luring back big businesses that have moved production overseas to keep down costs. According to Trump, he will bring back so many jobs to the U.S. that we won t even have to be talking about the minimum wage. Whether lower wages will hurt or help the economy remains a heated debate. 2. Donald Trump s Proposal on Taxes Donald Trump has repeatedly said the rich are not among his biggest fans. The people that like me best are poor people and middle-income people, he said in the Breitbart News in May. No doubt the presidential candidate s plan to increase taxes on hedge fund profits won t win him fans among the more wealthy. The hedge fund tax rate tops out at 23.8 percent compared to the 39.6 percent payroll tax, according to ThinkProgress. In his 2011 book, Time to Get Tough, Trump also called for the elimination of the estate tax and corporate tax rate. He also recently suggested implementing a flat tax rate nationwide, although he admitted the specifics of a flat tax would need to be worked out over time. Read: Donald Trump s Stock Portfolio: See How You Can Invest Like the Presidential Candidate (http://www.gobankingrates.com/investing/donald-trumps-stock-portfolio-see-can-invest-likepresidential-candidate/) While a higher hedge fund tax rate would mostly affect the wealthy who receive nearly 70 percent of the money coming out hedge funds Trump s other proposed changes would provide more wealthy individuals greater tax cuts. A flat tax, meanwhile, would mostly benefit the rich and likely increase taxes on poorer individuals. 3. Donald Trump s Proposal on Foreign Trade http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 2/10
3. Donald Trump s Proposal on Foreign Trade In his campaign announcement, Trump said he d charge Ford a 35 percent tax to bring in trucks and parts from a plant in Mexico. In 2011, the presidential candidate called for a 25 percent tariff on Chinese products. Trump said these moves would help bring back American jobs that have been shipped overseas. On the topic of China, Bernie Sanders and Donald Trump appear to be in agreement. When China s economic downturn caused stock prices to plummet worldwide, Sanders tweeted that free trade has been a disaster Bernie Sanders @SenSanders Follow The results are in. Unfettered free trade has been a disaster for working Americans. It is high time we ended our disastrous trade policies. 9:09 AM - 24 Aug 2015 789 1,328 High tariffs aren t likely to pass, however, as many pro-trade Republications control the House and Senate. If Trump could implement tariffs, it could spark a trade war causing countries like Mexico and China to implement their own tariffs. Such a move could cause U.S. companies to move operations to countries more open to globalization, having the opposite effect Trump is looking to achieve. 4. Donald Trump s Proposal on Obamacare Donald Trump has been particularly vague about the specifics of his health care plan beyond simply promising in a July interview on CNN to repeal the Affordable Care Act and replace it with something terrific run by private companies in the private market. Without the ACA, an estimated 19 million non-elderly people would lose insurance by 2016. Trump s position on Obamacare is not unpopular, however. The Republican house voted 56 times to repeal or undermine the ACA without success, so any replacement program would likely be strongly supported. 5. Donald Trump s Proposal on Social Security Earlier this year, Donald Trump said he was opposed to cutting back on Social Security (http://www.gobankingrates.com/retirement/26-unsettling-truths-social-security/), unlike other GOP presidential candidates. In an interview with Fox News, Trump said, They re attacking Social Security the Republicans they re attacking Medicare, Medicaid, but they re not saying how to make the country rich again. Later, Trump said he would make the country so rich you don t have to do those things. http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 3/10
< Without changes to the current Social Security system, the Treasury Department will need to redeem bonds between 2020 and 2033 and borrow from elsewhere in order to cover Social Security costs, unless there is a sufficient federal budget surplus, according to The Motley Fool. Although Trump does not want to cut into Social Security like other Republication candidates, he will need to follow through on his promise of making America rich in order to avoid issues with the program in the future. If he fails, about 59 million Americans on Social Security might be faced with cut benefits. 6. Donald Trump s Proposal on Immigration Donald Trump has blamed illegal workers for many of America s economic woes, and he s taken a hard line stance on immigration, declaring that all 11 million undocumented immigrants have to go, according to an interview on NBC s Meet the Press. The presidential candidate also wants to end birthright citizenship, meaning American-born children to illegal immigrants would also be deported. Trump also wants to triple the number of agents patrolling the Southern border, and build a wall separating the two countries a price he wants Mexico to pay. Related: Donald Trump Speaks Out on El Chapo Escape, Gets Lampooned by David Letterman (http://www.gobankingrates.com/personal-finance/donald-trump-speaks-out-el-chapo-escape-getslampooned-david-letterman/) Ending birthright citizenship would require an amendment to the Constitution, which will be an uphill battle for President Trump. Enforcing deportation of illegal immigrants, meanwhile, could cost between $400 billion and $600 billion, according to estimates by American Action Forum, a conservative group. 7. Donald Trump s Proposal on Student Loans Donald Trump has been vocal about his position on student loans. In short, Trump promises to create jobs for students in college and help them better tackle debt. In an interview with The Hill, Trump said student loans are probably one of the only things the government shouldn t make money off. He went on to say: I think it s terrible that one of the only profit centers we have is student loans. Trump s position on student loans is certainly a popular one. Student loan debt hit $1.2 trillion in the U.S., according to a study conducted by Experian, and it is the only type of consumer debt that is not decreasing. Because Trump has not provided specifics on how he ll tackle student loans, it is hard to tell how his presidency will affect millennials. However, as the average graduate of the class of 2015 will be carrying $35,000 in debt, any move by Trump to make repayment easier could help boost spending in the general economy and mitigate fears that student loan debt is leading to fewer millennials buying property. 8. Donald Trump s Proposal on Interest Rates http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 4/10
On Bloomberg s With All Due Respect, Donald Trump said that while he s always loved low interest rates as a developer, he worries that they can be creating a bubble and the bubble could explode. Safe to say, Trump would likely look to raise interest rates. Donald Trump and the Federal Reserve are aligned on interest rates. The Fed is poised to start increasing rates by the end of this year unless the economy takes a turn for the worse. Higher interest rates can reduce consumer borrowing and spending, and dissuade businesses from making big purchases requiring loans. Photo credit: Christopher Halloran (http://www.shutterstock.com/gallery-143386p1.html) / Shutterstock.com (http://www.shutterstock.com/editorial) Share This Article These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. 0 Comments GoBankingRates 1 Login Recommend Share Sort by Best Start the discussion Be the first to comment. Subscribe d Add Disqus to your site Privacy Featured Rates (/banking/) Institution * APY = Annual Percentage Yield APY 1.50% 35 Month CD (http://adclick.g.doubleclick.net/aclk?sa=l&ai=bzx0umuh2vymvo8 1.05% Savings Open Account Open Account http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 5/10
(http://adclick.g.doubleclick.net/aclk? (https://adclick.g.doubleclick.net/aclk? 0.99% Savings (https://adclick.g.doubleclick.net/aclk?sa=l&ai=bww5xmkh2vfjba8io3ahyza View Great Local Rates Choose Type 0.80% 6 Month CD Open Account Open Account 10583 GO http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 6/10
Most Popular Personal Finance Articles 25 Financial Planners Share Their Best Advice for Saving Money (http://www.gobankingrates.com/personal-finance/25-7 Fears That Keep You Poor (http://www.gobankingrates.com/personal-finance/7- fears-keep-poor/) financial-planners-share-best-advice-saving-money/) http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 7/10
Doctor Who': Matt Smith Net Worth Vs. Peter Capaldi Net Worth and More (http://www.gobankingrates.com/personal-finance/doctormatt-smith-net-worth-vs-peter-capaldi-net-worth/) 10 Cool Jobs That Won t Make You a Lot of Money (http://www.gobankingrates.com/personal-finance/10- cool-jobs-wont-make-lot-money/) Most Viewed Personal Finance Video (http://www.gobankingrates.com/personal-finance/video5-quick-ways-raise-credit-score/) http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 8/10
Find Interest Rates Near Me Banking 10583 GO! http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 9/10
GOBankingRates Newsletter Enter Your Email Subscribe Sign-up for the GOBankingRates.com newsletter and receive free personal finance advice directly from our team of experts. > About Us (http://www.gobankingrates.com/about/) > Calculators (http://www.gobankingrates.com/personalfinance/calculator/) > Press (/personal-finance/personal-financepress/) > Contact Us (mailto:info@gobankingrates.com) > Sitemap (http://www.gobankingrates.com/sitemap/) > Advertise (http://www.gomedianetwork.com/) > Email Opt Out (http://www.makingbankingbetter.biz/unsubscribe/) > Privacy Policy (http://www.gobankingrates.com/privacypolicy/) Social Networks: GO BankingRates (/) ttps://www.linkedin.com/company/1098730? tyah&trkinfo=tarid%3a1404322773934%2ctas%3agobankingrate%2cidx%3a2- tps://www.facebook.com/gobankingrates) ttp://instagram.com/gobankingrates/) ttps://plus.google.com/+gobankingratescom/posts) ttps://twitter.com/gobankingrates) 2015 GOBankingRates. All Right Reserved. http://www.gobankingrates.com/personal-finance/heres-presidential-candidate-donald-trumps-plan-wallet/ 10/10