The 2024 presidential race: How Tim Walz and JD Vance's running mate choices could impact your finances.

• In the remaining 90 days before the presidential election, economic policies of the candidates are becoming a top priority for voters, as they consider how these policies may affect their financial well-being.
• This week, Vice President Kamala Harris announced her running mate, Minnesota Gov. Tim Walz, while former President Donald Trump had chosen Sen. JD Vance of Ohio in July as his running mate.
• Experts analyze the positions of candidates on crucial topics such as housing, the child tax credit, and student loan forgiveness.

As the major party tickets have been finalized, many voters are closely monitoring the candidates' personal finance policies to determine how they may affect their financial well-being.

This week, Vice President Kamala Harris announced her running mate, Minnesota Gov. Tim Walz, while former President Donald Trump had chosen Sen. JD Vance of Ohio in July as his running mate.

In the remaining 90 days before the election, both sets of candidates are intensifying their attacks against their opponents, portraying them as disconnected from the concerns of the average American.

The presidential election could have implications for Social Security and Medicare. Kamala Harris' running mate Tim Walz could influence the child tax credit. Experts say Kamala Harris' tax records show a "fairly basic" approach.

Experts predict that the contrasting views and similarities between Walz and Vance could influence future economic policy under a Harris or Trump presidency.

Here's where each candidate stands on some of the key issues.

Housing

The issue of affordable housing is crucial for many Americans and has been addressed by both Walz and Vance.

In May 2023, Walz signed legislation that provided $200 million in down payment assistance, $200 million for housing infrastructure, and $40 million for workforce housing.

Jaret Seiberg, analyst at TD Cowen, wrote in a July statement that Walz is expected to be an advocate for demand-side approaches to housing. These are the type of housing ideas that would be seen in a Harris administration, she added.

The goal of demand-side approaches to housing is to enhance the quality of housing or lower monthly housing expenses for individual households.

Vance, a proponent of affordable housing, emphasized the issue in his acceptance speech at the Republican National Convention and throughout his campaign.

Vance, prior to running for Senate, argued that affordable housing is key to tackling poverty. He opposed institutional ownership of rental homes and Chinese buyers for U.S. real estate, Seiberg wrote.

Child tax credit

If Congress does not act, tax breaks enacted by Trump, including the child tax credit, will expire after 2025, resulting in a decrease from $2,000 to $1,000 per child.

In 2021, Congress temporarily expanded the child tax credit, resulting in monthly payments that lowered the child poverty rate to a record-low 5.2% for that year, as per a Columbia University study.

In 2023, Minnesota implemented a refundable state-level child tax credit in accordance with federal policy, which Walz referred to as a "signature accomplishment."

"The Tax Foundation's vice president of state projects, Jared Walczak, stated that Minnesota's new child tax credit is unique in its specificity, but it is the most generous in the country for low-income families."

Expanding the federal child tax credit permanently could be challenging, especially with a divided Congress and growing worries about the federal budget deficit.

Walz's campaign did not respond to CNBC's request for comment.

Last week, the Senate Republicans prevented the expansion of the federal child tax credit, and Sen. Mike Crapo, R-Idaho, characterized the vote as a "political stunt."

Although the procedural vote did not pass, Crapo expressed willingness to discuss a "child tax credit solution that a majority of Republicans can approve."

In response to Vance's pro-family stance, Democrats scheduled the vote on the child tax credit. Although Vance was absent for the Senate vote, he has publicly supported the measure.

Vance's campaign did not respond to CNBC's request for comment.

Student loans

Vance has spoken out against student loan forgiveness policies.

"Vance, a Yale Law School graduate, wrote on X in April 2022 that forgiving student debt is a massive benefit to the wealthy, educated, and corrupt university administrators in America. Republicans must fight this with all their energy and power."

The outstanding education debt in the U.S. is approximately $1.6 trillion. Approximately 43 million people, or 1 in 6 adult Americans, have student loans. Women and people of color are disproportionately affected by this debt.

In May, Vance introduced legislation that would forgive parents' student loans in cases of permanent disability of their child.

Vance's portrayal of debt relief as a benefit for the well-off is hypocritical and incorrect, according to Jane Fox, chapter chair of the Legal Aid Society Attorneys union, UAW local 2325.

"Senator Vance, who went to an elite institution and worked in private equity, rarely needs debt relief, while student debt forgiveness is a pressing concern for the working class, as Fox stated."

Vance's campaign did not respond to CNBC's request for comment.

Mark Kantrowitz, a higher education expert, stated that Walz, a former school teacher, has advocated for programs to ease the financial burden of student debt on individuals.

Kantrowitz stated that the Minnesota legislature passed a law enacting a student loan forgiveness program for nurses and a free tuition initiative for low-income students.

"Affordability and student loan debt are at the forefront of our minds as my daughter prepares to head off to college next year," Walz wrote on Facebook in 2018. "Every Minnesotan deserves a chance to pursue a great education without being hindered by rising costs and mounting debt."