🇺🇸 Election Day and your wallet: What to know

Hi! If you’ve got money on your mind this election season, you’re not alone: Financial issues have consistently topped the lists of issues voters care about this year, leading Donald Trump and Kamala Harris to double down on their plans to lower the cost of living, improve job security and more. 

To help cut through the noise, Money staffers Pete Grieve and Julia Glum put together a roundup of Harris’ and Trump’s stances on important topics that could impact your wallet.

Just want the highlights? No problem.

Here's what you need to know about the nominees' views on...

Inflation

Harris: Bringing down the cost of living is at the top of Harris' to-do list if elected. After peaking above 9% in 2022, inflation is down to 2.4% — about right where it should be. The challenge ahead will be to avoid another bout of inflation during a period likely to see multiple Fed interest rate cuts. Harris plans to tackle corporate "price gouging" and push for lower health care and drug costs; she would also continue the Biden administration's efforts to eliminate junk fees.

Trump: By the raw numbers during their terms, Trump has a stronger record on inflation, and that's what he's running on. He has a five-pronged platform to "defeat" inflation, featuring measures to increase domestic energy production, reduce government spending and stop illegal immigration (which he blames for higher costs of goods and services like housing). The former president also promises to provide relief for Americans dealing with the higher prices he blames on Biden and Harris. 

Read more:

• Harris vs. Trump on Inflation: How Each Candidate Plans to Lower Prices
• Will Inflation Be Worse Under Trump or Harris? Here's What Economists Say

Taxes

Harris: The vice president says she hopes to give tax cuts to working and middle-class Americans, which she intends to do by expanding the child tax credit and earned income tax credit. (She has also proposed several housing-related tax credits aimed at improving affordability for buyers and renters.) While Harris aims to tax high earners more, she says no one earning under $400,000 a year will have to pay more in taxes. 

Trump: Trump’s website says he plans to enact "large tax cuts for workers," a proposal that centers around making permanent many provisions of the Tax Cuts and Jobs Act he signed while in office. The other major component of Trump’s tax plan involves enacting tariffs of 20% on goods from most other countries (and up to 60% on those from China). He has also proposed eliminating taxes on tips and overtime wages.

Read more:

• Harris vs. Trump: How Could Your Tax Bill Change Under Each Candidate?
• Trump Wants to Give Americans With Car Loans a New Tax Break

Social Security

Harris: While both candidates say they'll protect Social Security and are promising no cuts to current recipients' benefits, they have different visions for what to do with the program, which is facing a looming funding shortfall. Harris is calling for the rich to "pay their fair share" to ensure full benefits can be paid to current and future retirees; however, Harris says she would oppose any tax hikes on individuals earning less than $400,000 per year. 

Trump: To help older adults on fixed incomes struggling with higher everyday costs, Trump proposes eliminating federal taxes on Social Security benefits. Unlike some Republicans in Congress, he opposes increasing the retirement age. When it comes to funding the Social Security program, Trump's plan lacks details but he says raising taxes on working Americans isn't necessary because there are "so many different ways to make money."

Read more:

• Harris vs. Trump on Retirement: How They Stack Up on Social Security, Medicare and More
• Democrats and Republicans Actually Agree on These Ideas to Fund Social Security

For details about the candidates' plans for housing affordability, college costs and cryptocurrency, you can check out the whole 2024 election guide here.

Thanks for reading!