The Republican National Convention was full of fanfare this year, as Donald Trump secured the nomination to officially run as the Republican candidate for president of the United States, along with his vice presidential nominee, JD Vance. The conservative party wanted to show a display of strength in an effort to reclaim the White House, but it’s not just the election results they could be impacting — it’s the average American’s money as well.
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GOBankingRates reached out to some financial experts to get their opinions on four key points from the Republican National Convention that could impact your wallet.
Repealing the ‘Death Tax’
The Republicans are not a fan of the estate tax, often called the “death tax,” and will try to dismantle it if they are able to reclaim the Oval Office.
“Promises like repealing the estate tax likely do little for average Americans,” said Nischay Rawal, a certified public accountant with NR Tax & Consulting. “The current exemption is over $11 million per person, benefiting only the wealthiest families.”
Rawal added that increasing exemptions could help small business owners pass companies to heirs.
“The reaffirmation of the party platform to repeal the estate tax or ‘death tax’ could benefit wealthy households by eliminating taxes on large inheritances,” said David L. Blain, CEO at BlueSky Wealth Advisors. “However, it may decrease government tax revenues that fund programs and services Americans rely on.”
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Trade and Infrastructure Policies
Many of the plans and promises outlined at the 2024 RNC would affect not only American wallets but economies, industries and markets across the world.
Trump’s proposed tariffs could influence the cost of imported goods. Decisions on infrastructure spending could affect transportation and utility costs.
Deregulation of Industry
It’s not news that the Republican Party has never been a fan of big government, cheering on big business instead. This means that deregulation is part of Trump’s platform — and was a key focus at the Republican National Convention.
“Promises to cut regulations, like rolling back financial reform passed after the 2008 crisis, aim to boost businesses but could expose consumers to risk,” Blain said, adding that deregulation isn’t always bad and may spur innovation.
“Talk of deregulating Wall Street worries me,” Klesinger said. “While regulation isn’t always efficient, reforms passed after the financial crisis protect consumers and ensure market transparency. Rolling back too much regulation could expose people to predatory practices and risk another crisis.”
Tax Cuts
A slew of tax cuts were made back in 2017, which the Republican National Convention put a spotlight on in hopes of reviving should Trump win the election.
“I can say tax cuts often come with unintended consequences,” Rawal said. “Lower taxes today could mean higher taxes tomorrow if deficits rise or promised economic growth does not materialize. However, focusing on the long term, lower business taxes and reduced regulation may spur entrepreneurship.”
Blain said, “The pledge to make permanent tax cuts passed in 2017, including lower rates for businesses and individuals, could put more money in people’s pockets.”
He noted this also could widen the deficit, if economic growth doesn’t offset revenue loss.
Final Thoughts
The real impacts of political decisions remain unseen until policies are implemented, as Rawal said.
“My clients avoid speculation and focus on managing what they can control,” Rawal said. “I advise making financial decisions based on your personal priorities and values, not promises of future benefits.”
Klesinger agreed, adding, “In the end, campaign promises may not lead to real policy changes. But if enacted, the RNC platform’s mix of tax cuts, deregulation and benefit reductions could disproportionately impact middle and low-income Americans — even as it benefits certain businesses and high-net-worth individuals. The impact on any one person will depend on their unique situation.”
Blain echoed that: “Overall, the impact on Americans’ finances will depend on their unique situation. The promises made at conventions often don’t become reality, so we’ll have to see what legislation actually gets passed by Congress.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 4 Platform Points From the Republican National Convention That Could Impact Your Wallet
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