Since the Electoral College is unlikely to give us anyone but Donald J. Trump as President, it’s time to start thinking about what he’s going to do to your duckets.
Unless you’re in the top three percent of income earners, you’re screwed. The question is, how badly?
Taxes: Trump has suggested a three-tiered system of taxation for personal tax liability, where the taxpayer would be obligated to pay twelve, twenty-five or thirty-three percent of their income. As a sop to business, he also suggested business taxes be reduced from thirty-five percent to fifteen percent. Of course, Congress has to approve this scheme, so it will be interesting to see what a Republican-owned House and Senate will do with this proposal.
Jobs: Trump has said he wants to bring back manufacturing jobs. As we saw with his “deal” with Carrier, he might not be able to pull that off. He has also suggested that the H-1B and L1 visa programs allow fewer participants. If he follows through on that, will American companies start to invest in worker training, or will they simply offshore more jobs?
Health Care: Since the Republicans own all three branches of government, you can kiss the Affordable Care Act good bye. What will be put in its place, if anything? There have been a number of proposals, but not one front runner as yet.
Gas prices: We all remember what happened the last time a Republican President, who was cozy with the oil companies, was in charge. What are your predictions for the pump in the coming year? Five dollars a gallon, anyone? Will it go higher than that?
Recession / Depression: Trump proposed to grow the economy with tax cuts, less regulations and changing U.S. trade relationships. CNN Money predicts that Trump’s strategies could easily cause a recession. What are your predictions, and why?
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