How a Trump presidency might change your income

TRUMP: "There's a chance that the money from the tariffs will be so great that it would replace [income taxes]"

Israel considering a limited attack on Iran's nuclear facilities

The Trump administration will announce a new rule, ‘Schedule F’ that will make it easier to remove federal employees undermining the President’s agenda

President Trump is replacing the acting IRS commissioner that he appointed just three days earlier

NBC News has projected former President Donald Trump as the winner of the U.S. presidential election.Following months of campaigning, Trump and his running mate, J.D. Vance, are now poised to implement their policy agenda with the support of a likely Republican-majority Congress.The Trump administration takes office amid widespread voter concern over economic issues. A recent survey by Betterment revealed that 57% of investors felt anxious about the election's outcome, citing inflation, potential tax hikes, and a looming recession as top concerns.While a president cannot implement a legislative agenda immediately, even with congressional backing, Trump has proposed several policies that could impact Americans' finances. Here are three key initiatives:Extension and Overhaul of Tax CutsTrump aims to extend the tax cuts from the 2017 Tax Cuts and Jobs Act, set to expire in 2025, and plans a significant tax overhaul. His proposals include eliminating income taxes on tips, overtime pay, and Social Security benefits. He has also suggested tax exemptions for specific groups like firefighters, police officers, military personnel, and veterans.Additionally, Trump has floated the idea of moving away from federal income taxes in favor of a system funded by tariffs.Proposed Tariffs and Consumer CostsTrump has advocated for imposing universal tariffs of 10% to 20% on all imports, with higher rates of up to 60% or even 100% on goods from countries like China and Mexico. He describes these tariffs as a way to make other nations contribute financially to the U.S.While tariffs target importing companies, these costs are often passed on to consumers. Economists warn that this could lead to higher prices for goods. "Ultimately, the cost of tariffs will be borne by consumers," said George Ball, chairman of Sanders Morris, in an interview with CNBC.Cryptocurrency DeregulationTrump has positioned himself as a strong advocate for digital currencies, promising to turn the U.S. into a "crypto capital" and "bitcoin superpower." His plans include reducing regulations to foster growth in the crypto industry.According to Geoff Kendrick, an analyst at Standard Chartered, Trump's victory is expected to lead to significant gains in the crypto market. Kendrick predicts Bitcoin could reach all-time highs, estimating it could hit $125,000 under Trump’s presidency. Following the election news, Bitcoin surged by 7%, currently trading at $75,000.