What would a win for Donald Trump or Joe Biden mean for my wallet?

The 2020 election is approaching quickly, and as voters prepare to cast their ballots, one big question many people have is: What would a win for Donald Trump or Joe Biden mean for my wallet? To answer that question, WalletHub prepared a pair of reports examining the potential outcomes: What If Trump Wins? and What If Biden Wins?

For each report, WalletHub examined what’s likely in store in nine key categories including personal and corporate taxes, unemployment, education, health care, the response to COVID-19 and more.

What would four more years of a Trump presidency look like for taxes, the stock market, education, health care, the COVID-19 response and more? WalletHub explored all those topics and more to predict how a second Trump term might impact you, especially when it comes to your wallet.

The Trump campaign’s second term agenda has provided limited details regarding its economic priorities. Therefore, to assess President Trump’s economic plan WalletHub relied on the president’s statements and the fiscal proposals contained in his 2021 budget.

Minimum wage is currently $7.25 an hour. Trump proposes no change and leaves the decision up to the states. In 2019, Trump threatened to veto the House bill to gradually raise the federal minimum wage to $15 per hour.

  • Currently, 29 states and D.C. have minimum wages above the federal minimum wage of $7.25 per hour: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, Rhode Island, South Dakota, Vermont, Washington and West Virginia.
  • California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York and Washington, D.C., have enacted laws to raise their minimum wage to $15 per hour in the coming years.
  • Five states have not adopted a state minimum wage: Alabama, Louisiana, Mississippi, South Carolina and Tennessee.

For more on Trump’s stance on personal taxes, tax policy and corporate taxes, click here. 

How would America change when it comes to taxes, health care, the minimum wage, COVID-19 and more if Biden wins the election and makes Trump a one-term president? WalletHub sought to answer that question, with a heavy emphasis on the financial consequences of a Biden presidency.

Biden would increase minimum wage to $15/hour. He would also expand Affordable Care Act and introduce a public option. Biden would also give the Federal government primary responsibility for a COVID-19 response.
For more on Biden’s stance on personal taxes, tax policy and corporate taxes, click here. 
In addition to these reports, you might also want to check out WalletHub’s other recent election research:


Image Sources

  • Trump Biden: Shutterstock