Election day is quickly approaching in America. Millions of Americans are heading to the polls or sending in their mail in ballots to do the ultimate civic duty of voting for their government representation. In an effort to demonstrate how closely aligned personal finances and politics can be, we’ve rounded up a few issues that impact voter’s wallets for you to consider while researching the candidates on your ballot.
Taxes
Perhaps one of the more obvious ways politics can have an impact on your wallet is through tax codes. But where does a voter even start when trying to understand the personal implication of a tax change? Check out your candidates’ tax proposals and particularly note the recommended income tax brackets, capital gains tax rate, and where the candidates fall on tax credits or deductions.
Student Loans
Many voters are personally impacted by student loan debt or are hoping for more affordable higher education opportunities. This year, many candidates have weighed in on student loan reform and how to manage student loan debt in America. Take a close look at the position of the candidates on your ballot and find out what their platform is. Some legislatures are in favor of reducing or eliminating current student loans. Others are looking to expand federal forgiveness programs, while some are focused on accessibility and affordability for future generations.
Retirement Savings
Social Security will be a hot button issue in the presidential race – while both candidates have claimed they will protect it, the reality of what that looks like differs widely. Consider each candidate’s platform on the overall social security system, how they plan to keep it funded and any related tax changes they propose to it. In addition, take a look at proposals related to your 401k including changes in 401k tax deductions/credits, 401k access for those without a pension or employer sponsored plan, and 401k plan management.
Healthcare
The biggest healthcare issue that the presidential candidates diverge on is the 2010 Affordable Care Act, often called Obamacare, and on what protections health insurers should be required to offer consumers. Voters will want to look out for the contrasting visions of Medicare and Medicaid, which are government health plans for those over 65, with a disability, or limited income earners, as well as the proposed strategies for reducing prescription drug costs. It is important to consider what impact changes in regulations would have on these industries would have on your wallet and your employers, in addition to what protections are in place for sick and lower income people.
Workplace Equality and the Wage Gap
Beyond traditional health benefits from your 9 to 5, legislators can also have an impact on regulating workplace equality and the wage gap. If closing the gender wage gap and seeing more opportunities for BIPOC and families in the workforce is important to you, find out where your candidate stands! Take a look at your candidate’s platforms on paid family and medical leave, childcare and the wage and opportunity gap, and what programs they will put in place on these issues.
Minimum Wage
Voters will be showing their support for candidates on the federal, state, and local level this fall. Consider where your candidates weigh in on regulating minimum wage. On a federal level, congress hasn’t legislated a national minimum-wage increase since 2007 when they increased the hourly minimum to $7.25 effective July 2009. Proponents of raising the wage argue that $15 an hour is closer to a living wage. It’s estimated that if the minimum wage had kept up with inflation, it would now be closer to $20 per hour. Opponents argue that a $15 hike could burden small businesses owners and that a national minimum wage is unrealistic given the drastic cost of living difference across the US.
Stimulus Package
Before this Spring, most voters probably gave little thought to what a stimulus package is, let alone what they would want to see in one! Now, stimulus package discussions are pretty common. Let’s gymsplain the phrase though: a stimulus package is a group of economic measures designed to boost the economy through increased employment opportunities and in turn increased consumer spending. The most recent stimulus package included cutting interest rates, tax breaks, sector bailouts, and emergency unemployment support to displaced workers. Consider which parts of a stimulus package are most relevant to you and find out where your candidates stand.
Climate Change
2020 has been a wild year! Think back to the turn of the new year when we saw devastating fires in Australia, and now closer to home the west coast is experiencing catastrophic fires and the east coast is being hit with hurricanes. Climate change is having a real and lasting impact on our planet, and it’s not just the environment but also our wallets that we should be worried about. With more severe natural disasters, insurance premiums can go up, farm land can be altered, and electricity can become more expensive. We know that each person can play a small part in combating climate change, but what is becoming more apparent is the role business practices play. Find out what the candidates on your ballot propose to do to address the changing climate?
