What a second Trump presidency could mean for your finances

we are back on a Saturday morning with today's money and a lot of questions right now about how a second Trump presidency is going to impact your bank account stock soared this week after the race was called for president-elect Trump on Friday the Dow closed at a record high wrapping up its best week in over a year along with the S&P 500 Wall Street is clearly happy but what does it mean for you we want to bring in cnbc's senior personal finance correspondent and author of The CNBC money 101 newsletter Sharon erson joins us this morning Sharon always nice to have you here it's great to be here let's talk about this particularly taxes right that was a key policy issue that Donald Trump ran on we remember in 2017 he had the tax cuts largely benefited higher income Americans right now do we expect this to be extended and and who could it impact well it definitely has been impacting a lot of people when you look at what the lower rates meant to people particularly higher income people seeing that rate drop from 39. 6 to 37 that was significant higher standard deduction higher child tax credit all of those things very important to people and some people concerned about that cap on the state and local property taxes of $10,000 that's something that he said maybe he'll rethink that but many of the provisions he wants to extend that's going to take approval from Congress and we still have uncertainty about the house whether that would be able to happen but the thing that really made trip it up is the federal deficit and we don't want to extend that make that higher so that's a lot to consider even though Trump certainly wants to extend these 2017 tax cuts and and he's talked about no tax on tips no tax on Social Security benefits again Congress is going to have to weigh in President elect Trump also campaigned on tariffs he says foreign countries will foot the bill critics say this is basically a tax on us consumers so what is the impact of tariffs well the impact is it's basically a tax on imported products and the idea is that this is going to bring for us Industries those products here it will not undercut American companies but a lot of CEOs are saying they're going to go to other to to do this even though the universal tariff could be 10 or 20% 60% on Goods imported from China the issue is that it will they hope bring in federal revenue but it could also raise prices for consumers and the tax Foundation says it could be as much of as $1,200 on a household in terms of taxes if there's a 10% Universal T tariff and a 20% Universal tariff could mean as much as $2,000 extra in taxes for a US household so that's something to consider so Sharon taxes tariffs we can't control that no talk to us about some practical things that people can do right now that they do have control over I think it's really important as you're listening to all this to think about your personal economy what can you do what can you control the first I like the missing money one well that one we're going to get to but really important to boost up that emergency fund make sure that you're getting at least 4% or more interest on a high yield savings account your retirement plan accounts you can put more money in before the end of the year into pre-tax accounts or after tax accounts for your 401k or an IRA missing money you love it I love it because I got my check this week that's why I love it go to missingmoney. com it's affiliate with State treasurers and unclaimed money many people don't realize you closed a bank bank account when you lived in XYZ State you forgot about it go to the state treasurer's website find the unclaimed property office there's a form you fill out it's very simple literally took me 2 minutes and in two weeks I had check for $25 enough for me to go out to a very low priced in low priced in New York City is sure Sharon thank you appreciate all the Practical tips and even more great information on her money 101 newsletter you can sign up for that by scanning that QR code right you see there at the bottom of your screen love that little Sharon glamour shot right there it'sing so nice hey thanks for watching don't miss the Today's Show every weekday at 11:00 a.

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