From an interest rate cap on credit cards to no taxes paid on overtime.
GREENSBORO, N.C. — How could President-Elect Trump impact your wallet on an everyday basis? Let’s look at some of those campaign promises…
“We will have no tax on tips, no tax on overtime, and no tax on social security benefits,” said then-former President Trump on the campaign trail in October in North Carolina.
Not paying taxes on your income can help put more money in your pocket. When it comes to tips and overtime, money experts say those workers would get a bigger paycheck today, but it would impact them in the “tomorrow”, as in Social Security benefits. The fact is, the less you put in, the less you get.
“We’re going to get interest rates brought way down,” said Trump at a campaign stop in September.
He made two campaign promises about interest rates:
A temporary cap on credit card interest rates at 10%. The average interest rate is double that.
Make interest paid on car loans deductible, much like you get on your mortgage payment.
The credit card cap isn’t a totally new idea. In fact, Senator Bernie Sanders proposed a bill in 2019 to cap rates at 15%. It didn’t go anywhere.
These are just a few of the paycheck promises Will these paycheck promises be kept after Trump is sworn in as the 47th president? We will just have to wait and see.
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