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trump vs Biden financial?

November 5th, 2020 at 12:53 am

Just wondering how people think their current financial situations will change with whoever becomes President? i don't know all that they are proposing in their election promises and I don't understand all your IRS/Roth accts etc...but just wondering if any of you will find it more financially difficult or better off under either one? just curious..don't care who voted for who...or who gets in but how it will affect people financially if at all.

15 Responses to “trump vs Biden financial?”

  1. disneysteve Says:
    1604712208

    It's looking all but certain that Biden will win the White House. Unfortunately, the Democrats will not take control of the Senate. What that means is that it will be very difficult for Biden to accomplish anything that requires Congressional approval. So reversing Trump's tax hike probably won't happen. I was hoping it would since that costs us thousands of dollars. It also means that any sort of healthcare reform probably won't occur as I had also hoped.

    I think our investments will do well. The stock market has historically performed better during Democratic administrations, though to be fair, it's mostly done well the past 4 years too.

    Biden is also a supporter of social justice and equality. Hopefully he can make progress in those areas which ultimately pays off for all of us. Helping the less fortunate and fighting discrimination of all sorts is good for the nation overall.

    I absolutely believe Biden will actually address the pandemic rather than ignoring it. That bodes well for the recovery of the economy as it's been the biggest drag by far.

  2. mumof2 Says:
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    Goodliving I agree that they should have to wait till retirement to have those benefits just like everyone else does...like you our wages here are stagnant while the prices of everything go up.

    Disneysteve I do have to disagree with you there I think Biden is racist and has been for a long time...both him and Harris have imprisoned more black people then trump ever has, I don't think he actually cares about equality at all...but only time will tell...but will be interesting to see what great plan he has for covid if he wins...and I hope the people follow it thats why it is spreading because people don't self isolate etc...so its on individuals

  3. disneysteve Says:
    1604757956

    DW, I certainly don't depend on elected officials to determine our financial condition, but they certainly influence it with their policies. Changes to tax rates, capital gains taxes, deductions, and more can easily cost us thousands of dollars per year. Things like trade tariffs can shoot up prices on items we buy every day. Mishandling major threats like disease and climate change can have a negative impact on the entire economy. It's up to each of us to manage our money but we have to do it in the context of what the government is doing that directly affects us.

  4. LuckyRobin Says:
    1604790800

    I reckon that if Biden wins things will get tight if he can manage to get rid of the tax cuts. Those tax cuts made a difference of $250 every 2 weeks in take home pay, so we'd lose $6,500 a year out of our take home pay, which is about how much we have to spend on medical out of pocket every year, which means any savings we need to do will be severely curtailed. He also is threatening to destroy the oil industry which is where my husband works. Under Obama/Biden was the only time in his career that my husband had any unemployment and it was due to what they were doing to the oil industry. Also under them our medical insurance rates skyrocketed and the mandate that you must have medical insurance wiped out our entire savings during the time DH was unemployed. So we are looking forward to less money or possibly no money if my husband loses his job because of Biden's policies. We struggled greatly under Obama/Biden and the only difference that I see now is at least we have no debt. We should be able to break even, but we won't be moving forward.

  5. terri77 Says:
    1604845871

    I didn’t see any noticeable tax cuts under Trump in my paycheck. I suspect that mine actually went up. The payroll tax deduction that we’ll have to pay back was just silly. Either pass a stimulus plan or leave SS alone. Economists on Wall Street say Biden’s plans will be better for the economy. I hope they are right. The markets handled the uncertainty of election just fine this week. I’m nervous about how badly this second wave will affect us, and not just financially.

  6. disneysteve Says:
    1604855906

    "I didn’t see any noticeable tax cuts under Trump in my paycheck. I suspect that mine actually went up."

    Same here. Trump's tax increase hit millions of Americans including us. I was hoping Biden would reverse that, but he probably won't be able to get the Senate to go along with that.

    LuckyRobin - Thank you for your post as it lends an entirely different perspective to this. I'm curious about something. The oil industry has been greatly impacted by the pandemic. Prices/sales/profits are down due to demand drying up. Wouldn't Biden taking meaningful action on Covid be good for the industry at least in the near term? We as a nation (or as the world really) aren't giving up oil anytime soon though we are gradually moving toward more clean energy, as we should.

  7. LuckyRobin Says:
    1604878850

    DS--Oil prices are down due to more oil being available due to this country finally being able to provide all of its own energy needs. The issue that concerns me is if we go back to the way it was, buying foreign oil because Biden shuts down fracking like he said he was going to. Obama/Biden shut down a ton of oil exploration before and I can see Biden doing that again. A lot of what my husband does has to do with designing plans for new pump houses being built that have minimum impact on tundra, retrofitting pipelines to increase safety standards, refineries being retrofitted to make levels of pollution even less, parts of refineries being retrofitted for bio-diesel, and ways to make fracking less harmful to the environment by treating the contaminated water that results from it more aggressively to clean it. But if less fuel comes in, it makes those things less cost-effective for companies to even bother doing, which means less work all around and many layoffs. It's what happened before.

    I doubt Biden will do anything different about Covid than Trump was already doing. The safety equipment and respirators are already here. We have the ability and capacity to ramp up care when needed now, including calling in hospital ships. Vaccines are in the works and will continue to be in the works. Biologics are being used and new ones are being developed. They will come out at the same time they were always going to come out regardless of who is president and I doubt there will suddenly be anything new just because someone else is president. We might get harsher lockdowns, but a lot of people sure seem to be acting like Covid has already gone away.

  8. Wink Says:
    1604930954

    mumof2: I find your statement that President Elect Joe Biden is a racist to be inflammatory, offensive and unnecessary on a financial website.

    LuckyRobin and Disneysteve: As someone who supports clean energy, I found this respectful discussion on the oil and gas industry to be really interesting and informative.

  9. mumof2 Says:
    1604933590

    Wink I'm sorry you feel that way but in response to disneysteve who said that biden is a supporter of social justice and equality...I don't really think he is...the BLM has poured millions of dollars into his campaign and have already stated what they want him to do for them in the first 100 days in office...or they will be heard again...so does that mean more riots? I am entitled to my opinion...I honestly don't think Biden or Trump shuld be running the country...but that is my opinion...they need to fix issues such as housing, education etc so everyone has the same opportunities to get a good start in life...the "poor" are continually held down where they can't get out of poverty, they can't get a great education...things like this need to be worked on so people can get an education...can get a job..can afford to save for retirement etc...I haven't heard Biden say a lot on these policies or what he plans to do to stimulate the economy...I also know we don't get as much information as you and I know it can skewed info because of Murdoch...but I don't see much of what he has planned
    Systems are broken over there...our taxes still aren't done from april...we can't call and talk to anyone..we have no idea if they have them or not etc...and its hard from the other side of the world...but we still have to pay federal taxes there....and it can be frustrating...hoping the new changes he brings in doesn't change how much we have to pay etc...

  10. Wink Says:
    1604935334

    mumof2: It was specifically the use of the word racist that I object to. You can respectfully outline your opinions (as you did right above) without using inflammatory language. Our country is painfully divided, isn't it more helpful to find ways to communicate that brings us together to solve problems? Just my opinion of course.

  11. LivingAlmostLarge Says:
    1605294423

    I will pay more under biden but I pay more under trump. I did not get a tax cut under trump. I however believe we will do better for more people under biden.

    I don't think biden is a racist and can Kamala being black be a racist? I ask seriously. I don't know.

    Either way, LuckyRobin my question being uninformed about oil is will pushing clean energy be better long term for people's jobs? Can we replace oil jobs with solar, wind, or other types of green energy renewable jobs? Are there ways to retrain and do that sort of shift in from coal or oil? Is this a realistic avenue to invest in? I understand long term it is good for the environment but can we replace jobs in oil/coal with jobs elsewhere?

  12. LuckyRobin Says:
    1605428675

    LAL, I think it depends on what part of the country you are in. There are places where solar makes sense, like the lower states, but would be unreliable year round for the full running of a home or business where I live. It would contribute some in the winter, but not enough to pay the bills. A lot of people don't have enough roof space or yard space for enough solar panels in a place that is overcast a lot to make up the difference and neither do businesses. There are places where wind makes sense. Wind doesn't make a lot of sense where I live because we maybe get five months that are windy and seven that are pretty still, but Hydro makes a ton of sense here due to our massive amounts of rivers.

    But you can't run trucking on anything but gas. Electric can't handle the type of power needed for hauling that much weight and the batteries for it do not exist. You might be able to refrigerate the trucks with solar, but that might be inconsistent which would be a problem with the safety of the food.

    You also have the massive problem they never talk about of the pollution caused by manufacturing solar panels and wind turbines, which is worse to the planet than what oil and gas do now since they've really gotten good about limiting and cleaning that. Fix that problem, and it would be much more appealing to me.

    My opinion is we just need a real hybrid system. People need to be able to heat their homes, transport themselves, and have their food transported without paying an arm and a leg. It should not be mandatory, but encouraged with tax benefits. Not punishing oil, but helping with credits. Building new infrastructure for a new electricity system and retrofitting the old will be massively expensive and take years and many people and businesses will not be able to afford it or will be ruined. This coming on top of how many people having their lives and businesses destroyed by Covid, would be a government inflicted disaster. Do we deny them energy because it is the "wrong" kind? How badly will that disenfranchise the poor?

    Do I think it will be better for people's jobs? People installing solar make $15 an hour. Don't know what those designing it make, but once you have the design it doesn't need to be changed. In oil, things always need to be changed, so designs are always updated. People in the oil industry make upwards of $30 an hour to $750 a day. The world is set up for gas and oil. The infrastructure is in place. The cost of setting it up for anything else will be astronomical and will fall to the tax payer and the business owner to pay all of the costs. Maybe one day, long term, eventually, if they pay a decent wage, in about 50 years, it might be better for people's jobs. Right now? No, I don't think so.

    Will it, long term, be better for the planet? I don't know that either. I think investing in it is a gamble when you already have a sure thing, but sometimes gambles pay off.

  13. LivingAlmostLarge Says:
    1605567682

    LuckyRobin, You need your own oil and gas post please! I am reading and absorbing. Some of the stuff you wrote i definitely read and heard before. FWIW I'm not sold on the green deal. I live like you where solar is stupid. Sorry I have to say that but it won't fiscally work in anyway.

    I like the idea of electric vehicles but it's so expensive? I think until you can get them dirt cheap use like normal gas cars it won't be ubiquitous. When you can buy a electric vehnicle for less than $10k and there is minimal maintenance it makes total sense. Until then you probably won't have people shelling out for electric vehicles.

    I think there needs to be more incentives for solar panels. I also think it wouldn't be bad to require all new homes be outfitted with solar panels. But doing it to older homes?

  14. terri77 Says:
    1605606724

    I’m pretty sure that my next car will be at least hybrid, if not electric. I love my CR-V, but the hybrids weren’t available when I bought mine 5 years ago. They are now.

  15. LuckyRobin Says:
    1605655984

    Terri, if they came out with a minivan that was electric and could go 150 miles on a battery charge, then I would start saving for one, but until they can do that, these little hybrid cars do not fit the needs of our family with our disabilities.

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