Money Matters: How will the 2020 Presidential Election affect your finances?
COLUMBIA, S.C. (WIS) - Don’t let your politics cloud your financial decisions -- that’s advice from Capital City Financial Partners Josh Bradley in the wake of the 2020 Presidential Election.
“Take a deep breath, you’ve been through this before,” Bradley said. “There was a president, either the last time or the one before that, you just thought, ‘this is the end of the world’ ... and guess what? We’re still here. Things are still OK.”
So how will this election shape our economy in 2021?
“It’s kind of split government right now which means, most likely, not a lot is going to happen,” Bradley said. “Looking at what was going on leading up to the election, we saw a lot of pent-up demand, whether it’s traveling or getting out-and-about -- most people are optimistic and ready to get out there and we see that continuing on with this new administration.”
Bradley says we may see a little more restriction when it comes to masks and lockdowns, but he predicts that will be short-lived and by mid-2021, we’ll see the economy start to noticeably pick back up.
The financial adviser says his clients were very concerned about potential policy changes in the future with a Biden/Harris administration.
However, with the split government Bradley previously mentioned, he says any sweeping changes will be curtailed. Any policy changes will likely have to be very moderate.
Bradley says many people do not realize the Trump tax cuts were already set to expire in 2026.
Biden’s plans may have triggered that sooner, but with Republicans potentially maintaining their majority in the Senate, the Trump tax cuts will likely expire as planned and taxes will go up once again afterward.
“One of the biggest things we should be looking at right now is taking advantage of these low tax rates and doing things now to pay less taxes knowing that the rates will probably increase in the next few years,” Bradley said.
Capital City Financial Partners is set to offer a complimentary webinar about these topics.
If you’d like to learn more or speak will someone directly, call 803-782-0671 or visit capitalcityfinancialpartners.com.
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