How the election will impact your wallet

For many Americans, the most important focus heading into a presidential election is how the winner will impact their wallet. Whatever your financial priorities, Business Insider has you covered with a five-part series on the impacts a Trump or a Harris presidency could have on US consumers.

You can go deep on how the race for the White House could impact everything from childcare costs to housing to your grocery bill. Just follow the links below, or keep scrolling for a speed-read.

Explore BI's election series:

• How a Trump or Harris presidency could impact your investments

• What's expected to get more and less expensive under Trump or Harris

• How the cost of housing is expected to change under Trump or Harris

• What a Trump or Harris presidency would mean for your tax bill

• How the cost of childcare is expected to change under Trump or Harris

Investments

Trump

The former president's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. However, his plan to tax all US imports is viewed as a headwind that could be inflationary and hit consumer spending.

If those inflation worries come true, interest rates would be higher and push bond prices lower. Trump is also seen as bullish for crypto, and his protectionist policies are viewed as likely to push the dollar higher.

Harris

The current vice president's plan to raise the corporate tax rate is expected to hit the beneficiaries of Trump's proposed cut hardest. Her plan to regulate the financial sector is also seen as holding back stocks in the industry. On the positive side, Harris' policies would likely benefit homebuilder and renewable-energy stocks.

Harris' plans are also considered to be less inflationary than Trump's, which would allow the Federal Reserve to keep cutting rates, boosting bond prices. Her continuity with President Joe Biden's policies is expected to push the dollar lower. Harris is also viewed as crypto-positive.

Costs

Trump

Trump's plan to impose a broad-based 10%-to-20% tariff on most goods brought in from other countries is widely viewed as making import-reliant products more expensive. Major categories with high potential tariff exposure include automobiles, drugs for human and veterinary use, food and beverage, furniture, and household appliances.

Relatedly, the former president has previously said he'll lower grocery prices by restricting food imports to bolster domestic producers.

Harris

While Harris could continue tariffs instated by Biden, her import-tax policy is seen as less inflationary than Trump's. For groceries, the vice president released a plan to tackle high food costs by implementing a federal ban on price gouging during national emergencies.

For drug prices, Harris has promised to expand two provisions in the Inflation Reduction Act, allowing Medicare to negotiate the prices of some drugs.

Housing

Trump

Trump has said on the campaign trail that the ongoing housing shortage could be addressed by deporting millions of people from the country. The former president also said he could decrease demand by banning mortgages for immigrants living in the US illegally.

Further — during his previous White House tenure — Trump opposed the construction of high-density housing in single-family-zoned areas, although he has not said during this election cycle whether he wants to continue pursuing similar policies.

Harris

Harris' planned policy includes the construction of 3 million new housing units, as well as an expansion to the Low-Income Housing Tax Credit. She also plans to create a $40 billion federal innovation fund that would encourage local governments to build housing.

The vice president has also said she would take action against "corporate landlords" and call on Congress to remove tax benefits from investors who acquire 50 or more single-family rental homes.

Taxes

Trump

Trump has proposed lowering the corporate tax rate from 21% to 15% for firms that make their products in the US.

The former president has also said he plans to extend his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut."

A permanent continuation of the TCJA's income-tax provisions would amount to a nearly $280,000 tax cut for the top 0.1% of earners, compared to $1,000 for middle-income Americas, a Tax Policy Center analysis found. Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans.

Harris

Harris wants to bump up the corporate tax rate from 21% to 28%, while also proposing some specific breaks for small businesses.

The vice president has also proposed an expanded earned-income tax credit aimed at lower earners, and she wants to restore and expand upon a more generous child tax credit, similar to the one implemented under Biden's pandemic-relief bill in 2021. Harris also shares some middle ground with Trump in terms of wanting to eliminate taxes on tips.

For high-income earners, Harris supports two measures that have gained traction during the Biden administration: targeting ultrawealthy investors' capital gains, and imposing a minimum income tax on billionaires.

Childcare

Trump

Trump has also proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.

In addition, while previously in office, Trump signed a bipartisan bill that provided federal employees with 12 weeks of paid parental leave, although he hasn't emphasized the issue on the 2024 campaign trail.

Harris

Harris has promised to cap families' childcare costs at no more than 7% of their incomes, compared to the between 8% and 19.3% spent by the median American family in 2022. The vice president's child tax credit policy would restore the enhanced pandemic-era credit, giving parents up to $3,600 annually per child, with the amount dependent on a child's age and family income.

Further, during her run for president in 2020, Harris supported a six-month paid-leave policy for Americans with a new child or a sick relative.