Gain an understanding of how the economic proposals proposed by Kamala Harris could potentially affect your money, taxes, and long-term savings.
How Kamala Harris’s Economic Plans Might Affect Your Finances
Another report from Go Banking Rates says that Phoenix-based business lawyer Sherry P. is worried about how Kamala Harris’s plans for the economy might affect her own money as the election in November draws near.
Harris wants to raise taxes on companies and people who make a lot of money, which worries Sherry because she makes a lot of money herself. She might get less money at the end of the month because of this. With these changes, Sherry is trying to figure out how they might affect her money.
Sherry is also worried about how Harris’s plans will affect other people. The proposed Child Tax Credit increase and a new $25,000 tax credit for first-time homebuyers are meant to help families and new homeowners.
However, they could change the housing market and make her less eligible for the tax breaks she presently gets. Changes to investing income, healthcare costs, and rules for saving for retirement also worry her. These could affect her long-term savings.
Will Harris’s Economic Policies Affect Your Finances?
Sherry is also keeping an eye out for any changes to the SALT discount cap. Since she makes a lot of money in Arizona, the $10,000 cap on state and local tax deductions affects her. There are Democrats who want to raise or get rid of this cap, but she doesn’t know where Harris stands on the question.
The election results could have a big effect on Sherry’s taxes and plans for her money, so she is keeping a close eye on what’s going on as November comes.
Sherry is also worried about how Harris’s economic plans will affect her bottom line in the long run. Because tax laws, health care costs, and investment income could all change, she knows she needs to make changes to her financial plans to avoid any bad outcomes and keep her money safe as the political atmosphere changes.