What a Biden Presidency Means for Your Wallet
Mandatory Credit: Photo by Carolyn Kaster / AP / Shutterstock (11002146g) Democratic presidential candidate former Vice President Joe Biden speaks in Wilmington, Del.
The next president will be Joseph R. Biden Jr. after voters in Wisconsin, Michigan and Pennsylvania - three states that backed Trump in 2016 - this time voted for Biden.
Related Topics: How Investors Must Prepare For A Biden Administration Now
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Exit surveys show how divided the country is. For example, in Wisconsin, 77% of Trump supporters said the economy was in excellent or good condition, while 81% of Biden voters said the condition was not that good or bad. So what is Biden planning for the economy as a whole, and for your money in particular?
In his acceptance speech at the Democratic National Convention, Biden said his economic plan "is all about jobs, dignity, respect and community." There are many ways that future president's policies can affect your wallet beyond your job. See how Biden's planned programs will directly impact how much you make, spend and save, from fighting the coronavirus to cutting drug prices to raising taxes.
Last updated: December 24, 2020
Group of happy kids with teacher and face masks studying at school after quarantine and lockdown outdoors.
Biden has called for all efforts to return to normal to be tempered by the best of scientific evidence. He advocates wearing masks to reduce the spread of COVID-19 in public spaces, and cites clear evidence of their effectiveness in most other countries. He has called for a national mask mandate.
He has given financial support to states to extend unemployment benefits, and has proposed billions of new spending plans to help create job creation.
See: Jobs That Didn't Exist Before COVID
Open sign in a small shop after the Covid-19 pandemic.
Biden has warned of reopening until the country ramped up testing for COVID-19. He said he would listen to scientists how to proceed. In the second presidential debate, Biden said: "I would say I'm going to shut down the virus, not the country." He has said he would close reopenings if an outbreak followed them.
In regards to school reopening, Biden is supporting new federal spending on equipment and training that would enable safer reopening plans.
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Man works on taxes with coronavirus mask
Biden has criticized Trump's 2017 tax cut and advocates the return of the highest tax bracket from the current 37% to 39.6%. Under Biden's plan, taxes would not increase for households making less than $ 400,000 a year.
Read: Top 2021 Tax Changes You Need to Know About
Patients with open enrollment forms for health care services with a doctor in the background.
Affordable Care Act
Biden has been a vocal supporter of the Affordable Care Act known as Obamacare, proposing $ 750 billion in new spending over the next decade to bolster the law, which is funded through tax increases for the rich .
White blank prescription medical pad with an orange bottle of prescription medication that is spilling pills from the bottle.
Biden supports the bill passed by the House of Representatives last year that would allow Medicare to negotiate drug prices in the same way as private insurers.
Medicare application form with stethoscope and paperwork
Medicare / Medicaid
Biden plans to lower the Medicare Eligibility Age to 60 to gain access to an additional 20 million Americans.
Mandatory Credit: Photo by Pablo Martinez Monsivais / AP / Shutterstock (10237987a) Donald Trump, Xi Jinping.
Biden has endorsed plans to support domestic manufacturing, including investing $ 700 billion in industrial research and American-made products that he believes will create 5 million jobs.
Mandatory Credit: Photo by JOHN G. MABANGLO / EPA-EFE / REX / Shutterstock (9775255d) A hill bursts into flames from a river fire while firefighters watch in Lakeport, California, on July 31, 2018.
Biden proposed a $ 2 trillion investment in his first term - along with research into advanced models for nuclear power - with a goal of achieving 100% clean energy production by 2035.
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