So I like to stay savvy about economic policies in the form of videos by folks who can break it down and not have too much of the government jargon attached. One YouTube channel that I like to recommend to people is “Your Rich BFF” and she explains details about various topics when it comes to money, lifestyle habits, etc. in a very comprehensive way as she has achieved millions of status and talks with people across varying demographics. One of the few people I enjoy watching on topics like this.

I like to play these videos while drinking my coffee or traveling. I think it’s important for everyone to stay informed! Jump around in the video if you’d like, she does mention the child tax credit potentially increasing, home buying power, social security, and tariffs. The section about taxes starts at 18:03 where she pulls up and reads from an article about the proposed tax plans.

TL;DR: According to the policy layout and as she states in the video, “…the poorest 20% would likely see a 4.8% increase in their taxes. The second 20% would like see a 3.5% increase in their taxes—and that covers everybody who makes up to $55,000. The middle 20%—so $55-94ish—you would see a tax increase of 2.1%. The fourth 20%, from $94,000 to $157,000, you would see a 1.4% tax increase. The next 15%, from $157,000 to $360,000, you would see a 0.3% tax increase…The next 4%, from $360,000 to $914,900, would actually see a 1.3% tax reduction under these policies. And the richest 1%, people who make $914,900 a year or more, would see a 1.2% reduction.”

She does state that some policies haven’t been super fleshed out yet so we do have to wait and see what will happen and if things change, such as the topic of tariffs.