Donald Trump: The Best Candidate for Your Money?
Donald Trump. Love him or hate him, you’re familiar with the name. He’s the billionaire real estate tycoon dominating headlines with his unorthodox pursuit of the White House. His campaign slogan is “Make America Great Again,” but is he the best presidential candidate for your money?
Americans have named the economy and government as the nation’s top two problems for three consecutive years. Naturally, Americans want the next president to be a good steward over their money, and apparently that person is Trump. According to a recent survey from GoBankingRates, 29.5% of respondents who chose a candidate say the top candidate for their personal finances is Trump, followed by Bernie Sanders and Hillary Clinton at 26.2% and 19.7%, respectively. Ted Cruz, Marco Rubio, and Ben Carson were all in the single digits. Of the 7,728 respondents polled, 37% picked “none of the above.”
The field has been narrowed down since the survey, but considering that Trump’s national poll numbers have been on the rise, it’s safe to say many voters still believe he’s the best candidate for their money.
Similar to real estate’s most famous mantra, location matters. Trump’s strongest region is the Southeast, where people in Arkansas, Louisiana, Mississippi, Alabama, Florida, Georgia, Tennessee, West Virginia, and North Carolina all think he’s the best candidate for their money. Surprisingly, Trump managed to capture New Hampshire and New Jersey in the Northeast, a region dominated by Bernie Sanders. New Hampshire’s voters have leaned Democratic in five of the last seven presidential elections. Trump won New Hampshire’s Republican Primary by a large margin.
Age is more than just a number. It’s another indication of who respondents favor for their financial futures. “Nearly half (49%) of respondents ages 18 to 24 said Bernie Sanders would best suit their financial future, while 18% chose Donald Trump and 11% chose Hillary Clinton,” explains the report. “Sanders won over the 25- to 34-year-olds with 36% of the vote — Trump received 26% and Clinton 18%. Trump, however beat all candidates in all age groups 35 and up, and Clinton beat Sanders for second place among respondents age 45 and older.”
Middle-aged and senior Americans are more likely to identify as Republican or politically right-leaning, but Trump may have strong appeal with older Americans due to his stance on Social Security and taxes. He wants to spare the program from any cuts or raises in retirement age. “Every Republican wants to do a big number on Social Security, they want to do it on Medicare, they want to do it on Medicaid. And we can’t do that. And it’s not fair to the people that have been paying in for years and now all of the sudden they want to be cut,” Trump said last year.
Trump also wants to reduce taxes and simplify the nation’s enormous tax code. Instead of having seven tax brackets for individuals, ranging from 10% to 39.6%, Trump proposes having only four tax brackets, ranging from 0% to 25%. Married filers wouldn’t hit the 10% bracket until they made over $50,000. Meanwhile, business tax changes include cutting the corporate income tax rate from the current 35% to 15%, ending the deferral of income from controlled foreign subsidiaries while preserving the foreign tax credit, and enacting a one-time deemed repatriation tax of 10% on all foregin profits currently deferred.
The Tax Foundation estimates Trump’s tax plan would cut taxes by $11.9 trillion over the next decade on a static basis, and reduce tax revenues by $10.14 trillion when accounting for economic growth from increases in the supply of labor and capital. According to the organization’s taxes and growth model, the increased incentives to work and invest from the tax plan would increase the size of the economy by 11% over the long run.