Paul and Mae are chatting with certified financial planner Kimberly Foss about what Donald Trump's election means for our finances. He made a lot of promises during the campaign, several which could affect your wallet, and Trump should be able to get some things done since the Republican Party will control both houses of Congress (only the second time in history -- last time in 1928. Here are a few things his policies might change.
- Health insurance costs -- Republican lawmakers have said they wanted to repeal and replace the Affordable Care Act signed in 2010
- Tax cuts -- Trump's proposals call for cutting taxes on businesses and reducing income taxes to three brackets
- Child-care costs -- Trump has said he wants to change the way parents deduct child-care costs - allowing deductions up to the average for their state - instead of a maximum deduction of $3,000 for one child or up to $6,000 for two or more.
- Retirement benefits -- Trump has said he wants to leave Social Security as is, and he has opposed an increase in the retirement age. But, Republican leaders have expressed support for an increased retirement age.