Trump vs. Harris Economic Plans: Taxes, Affordable Housing, and Inflation

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4.8 • 858 Ratings

🗓️ 9 September 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

How will the Trump and Harris economic plans affect your investing? One candidate is looking to increase affordable housing and give homebuyers a break on their first property. The other plans to keep taxes low so you can save more money. Both are concerned about inflation and rising costs, but will either of their plans correct the national budget deficit we constantly find ourselves in? We’re digging into the 2024 election economics on this BiggerNews episode with economist Joel Naroff. First, we’re discussing what happens economically during elections as Americans brace for a new president. Then, we dive into Harris’ economic plan and stance on inflation, cost of living, and affordable housing. She also has her eye on raising taxes for high-income earners, but will she bring things back to the pre-Trump era? Next, the Trump economic plan. Just like in his presidency, Trump plans to reduce taxes even more, which could help those on social security and those who make their income from tips. The question is, will this loss of tax revenue put too much of a dent in our government’s budget and push us further into a deficit? Could Trump’s pro-tariff stance help stimulate local manufacturing and increase tax revenue from imported goods? We’re answering it all on this BiggerNews! In This Episode We Cover Trump vs. Harris’ economic plans explained and how they may affect investors More affordable housing and Harris’ call to build millions of more housing units Trump’s plan to push foreign goods out of the US with higher import tariffs Rolling back Trump’s tax cuts and how Harris could increase taxes on corporations and high-earners Social security income and the benefit (but high cost) of lowering taxes on it How both of these plans could affect the national budget deficit And So Much More! Links from the Show Stay Updated on Investing News with the BiggerPockets Blog Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Find an Investor-Friendly Agent in Your Area See Dave at BPCON2024 in Cancun! Dave's BiggerPockets Profile Naroff Economics How the Financial Policies of Trump and Harris Could Impact Real Estate Investors Grab Dave’s Latest Book, “Start with Strategy” Jump to topic: 00:00 Intro 01:52 Election Economics 03:42 Harris’ Plan 8:38 More Affordable Housing? 12:16 Higher Taxes? 15:10 Trump’s Plan 19:11 More Social Security Income? 21:47 Eliminating Taxes on Tips 24:22 National Budget Deficit Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-250 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	There is one persistent question that almost every investor, and honestly, just friends of mine, keep asking me,
0:06.4	what is going to happen to the economy if Vice President Harris wins versus what happens if former President Trump retakes the White House?
0:14.4	Will investors see more tax benefits? Will first-time homebuyers see down payment assistance or more inventory Today, we're diving into the economic proposals of the presidential candidates.
0:28.6	Hey, everyone, it's Dave and welcome to bigger news.
0:32.6	Today, we have a highly, highly requested show about what happens to the macro economy and the housing market if Trump or Harris wins the election.
0:42.0	And before we jump into today's episode, I do want to just give a quick political disclaimer.
0:47.5	Bigger Pockets or me, myself, are not taking sides on who we think is going to win the election or making judgment calls on a specific
0:55.1	candidates policies or belief. This show is meant to just give you a look into the policies of each
0:59.9	candidate and how they may impact the U.S. economy at large. And in order to do that, I'm bringing
1:05.9	on a guest who knows way more about these issues than I do. And my questions to our guest, whose name is Joel
1:11.9	Neroff, he's the president of Neroff Economics, are designed to fully understand the issues
1:16.9	and policies as deeply as possible. And then you all can inform your own opinions. In the episode,
1:22.4	we're going to discuss with Joel what happens to the economy in general during an election
1:27.4	cycle? Just looking back
1:28.8	at history, if there's anything we can learn about this particular cycle. We'll talk about the
1:33.3	macro economy and the word we can't get away from this year, inflation. We'll talk about
1:37.7	specific policies that former President Trump and Vice President Harris have put on the table so
1:42.4	far and what those policies may potentially
1:45.1	mean for the housing market and the economy. And we'll talk a lot about taxes. So let's get into it
1:51.8	with Joel Neroff. Joel, thank you so much for joining us today. Thank you, Dave, for having me.
1:56.8	Before we get into the specifics of this year's election, I'm curious if there are any trends that you're aware of and can share with us that happen in presidential election years, economically speaking.
2:10.5	Well, we've had some really, really strange periods over the last few elections.
	...

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