Understand how Kamala Harris’s economic plans could impact your finances, taxes, and long-term savings.
How Kamala Harris’s Economic Plans Might Affect Your Finances
According to the report of Go Banking Rates, as the November election nears, Sherry P., a corporate lawyer from Phoenix, is worried about how Kamala Harris’s economic plans might affect her finances. Since Sherry earns a lot of money, she’s concerned about Harris’s proposals to raise taxes on high earners and corporations. This could mean less take-home pay for her. Sherry is trying to figure out how these changes might impact her financial situation.
Sherry is also anxious about the broader effects of Harris’s policies. While the proposed expansion of the Child Tax Credit and a new $25,000 tax credit for first-time homebuyers are meant to help families and new homeowners, they might change the housing market and reduce the tax benefits she currently gets. She’s also worried about how changes to investment income, healthcare costs, and retirement savings rules might affect her long-term savings.
(photo: CNN)
Will Harris’s Economic Policies Affect Your Finances?
Lastly, Sherry is watching for any changes to the SALT deduction cap. As someone who earns a high income in Arizona and she is affected by the current $10,000 limit on state and local tax deductions. Some Democrats want to raise or remove this cap but she’s unsure where Harris stands on the issue. The election results could lead to big changes in her tax situation and financial planning so Sherry is keeping a close eye on developments as November approaches.
In addition, Sherry is concerned about the overall impact of Harris’s economic policies on her financial stability. With possible changes in tax rules, healthcare costs, and investment income she knows she needs to adjust her financial plans to avoid any negative effects and ensure her financial security in the changing political climate.
