Assuming Trump is installed as president, we can expect to see a shift to the right. The Republicans will have the White House and both houses of Congress (the tri-fecta).
The new Republican party is not conservative, but rather populist in nature. We can expect high inflation to become the norm. The current tax rules we have are set to expire at the end of 2025. We can expect for these to be extended, or made permanent, in some form. I expect to see some form of the following:
1) A first-time homebuyer credit in the range of $20K-$25K, akin to the ones rolled out in 2008.
2) Corporate tax rates reduced some.
3) Tariffs on imported goods.
4) Income tax reduction or exemption of tip income for service industry workers.
5) Income tax reduction or exemption for firefighters, police, and active duty military.
6) Expanded Child Tax Credit.
7) An extension of the QBID (Qualified Business Income Deduction) for business owners and investors.
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