How a Trump presidency could impact your finances: Lower taxes, rising crypto, and other potential changes.

According to NBC News, Donald Trump has won the U.S. presidential election.

Trump and Vance, after months of campaigning, now focus on implementing their proposed policy agenda with the help of a Congress that is expected to be Republican-majority.

The Trump administration inherits an electorate concerned not only about the election but also about the candidates' potential impact on their personal finances. A recent survey from Betterment found that 57% of investors expressed anxiety or fear about the race's outcome, with inflation, tax increases, and a potential recession among their top concerns.

Even with a supportive legislature, a president cannot enact a legislative agenda on Day 1. However, here are three policies that Trump has proposed that could impact your finances if they are implemented.

An extension of the 2017 tax cuts and possible tax-code overhaul

Trump intends to maintain the tax cuts from the 2017 Tax Cuts and Jobs Act, which are set to expire in 2025, and also plans to implement a comprehensive tax reform bill that would provide tax breaks to approximately 93 million Americans.

The President-elect has proposed eliminating income tax on tips, overtime pay, and Social Security benefits and has suggested exemptions for firefighters, police officers, military personnel, and veterans.

Trump has expressed doubt about the federal income tax system and has suggested replacing it with a funding mechanism based on tariffs.

Tariffs could mean higher prices on imports

Trump has suggested imposing a 10% or 20% universal tariff on all imports from China and Mexico, with higher rates of up to 60% or 100% on certain goods. He has described this plan as a means of obtaining financial compensation from competing nations.

"After 75 years, other countries will finally pay us back for all the good we've done for the world," he stated during the September presidential debate.

A tariff is a tax on imports paid by importing companies, which eventually results in an increase in the cost for consumers, as companies often pass the costs along.

"According to George Ball, chairman of Sanders Morris, the cost of tariffs will be borne by consumers, who will have to pay higher prices for goods and services."

Less regulation for crypto

While both Trump and Vice President Harris included support for digital currencies in their campaigns, Trump was perceived as the more pro-crypto candidate. He boasted about his plans to turn the U.S. into a "crypto capital of the world" and a "bitcoin superpower" during his campaign.

Geoff Kendrick, a Standard Chartered analyst, predicted a crypto breakout in September if either candidate wins, with a bigger boost for Trump, who is expected to ease regulation on digital assets.

According to Kendrick, BTC will reach new highs in 2024 regardless of the election outcome, with a predicted value of $125,000 under Trump and $75,000 under Harris. Bitcoin experienced a 7% increase in value on Wednesday morning after the news of Trump's victory, and is currently trading at $75,000.

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