Five ways President Trump could impact your bank account

5 ways Trump's plans will impact you

What will a Donald Trump presidency mean to consumers, student loan holders, and taxpayers?

There are indications of a handful of changes he hopes to make that could impact your financial well-being, wallet, and bank account.

1. The Federal minimum wage of $7.25 an hour could go up to $10 an hour. That would be good news for minimum wage workers in Ohio now making $8.10 an hour and expecting a nickel more next year. Trump has also expressed interest in leaving minimum wage decisions only to states.

2. Trump wants to make significant changes in the income tax. He wants to hike standard deductions, eliminate personal exemptions and put limits on itemized deductions while leaving the mortgage interest deduction in place.

He would reduce taxes at all income levels. The largest reductions would go to the wealthiest households, according to the TPC-Tax Policy Center. Most payers would see their tax bills go down. But single parents would see theirs go up.

3. Trump wants to make changes to reduce the burden on those repaying college student loans. He wants to cap repayments at 12 and a half percent of the payer's income. If borrowers make repayments for 15 years, the remainder of the loan would be forgiven. Experts say Trump does not have plans to make college more affordable.

4. Trump wants to lock in a guaranteed 6 weeks of paid maternity leave, averaging $300 a week. But he does not offer breaks for fathers, adoptive parents or caregivers of other family members who are sick.

5. Trump hopes to let working parents deduct child care costs for up to 4 children and/or elederly dependents. He also plans to set up savings accounts for dependent care.

Much of this information was gathered from an article in USA Today.


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