4 Ways Having Tim Walz as VP Could Benefit the Middle Class
Written by
Laura Beck
Edited by
Chris Cluff
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The upcoming election is on everyone’s mind, and the American public is wondering how a potential Kamala Harris administration could impact our wallets. With the recent addition of Minnesota Gov. Tim Walz to the ticket, the curiosity is heightened even more.
GOBankingRates reached out to Anthony Termini, an investment advisor and expert contributor for Annuity.org, to get his take on what this could mean for the middle class.
Here are four ways having Tim Walz as VP could benefit the middle class.
The Harris Factor
While we’re still waiting on official policy statements from the campaign, Termini shared some insights based on Harris’ previous campaign views. Here’s what might be in store:
A Boost to Minimum Wage
If you’re working for minimum wage, you could see a bigger paycheck. Harris has previously supported raising the national minimum wage, which would put more money into the pockets of the working class.
Help With Housing Costs
Is rent eating up too much of your income? Harris has talked about subsidizing rent for lower-income Americans. This could mean more breathing room in your monthly budget.
Tax Breaks for Most Americans
If you’re making less than $400,000 a year, you might be in for some tax relief. Harris has suggested lowering tax rates for this income bracket, which could mean more take-home pay for many middle-class families.
Keeping Consumer Prices in Check
Worried about rising prices? Termini points out that Harris isn’t likely to drastically raise tariffs, which he describes as “essentially a tax on consumers.” This could help keep your everyday purchases affordable.
Fighting Inflation-Related Price Hikes
Fed up with companies using inflation as an excuse to jack up prices? Harris has discussed the idea of a windfall profits tax tied to inflation-related price gouging. This could discourage companies from raising prices unnecessarily.
The Walz Touch
As governor of Minnesota, Walz implemented several policies that could benefit the middle class if applied nationally. Here are the ones Termini mentioned:
Consistent Tax Cuts
Walz has cut taxes in each of his budgets as governor. If this trend continues at a national level, it could mean more money in your pocket.
Cash Back for Families
In Minnesota, Walz provided rebates to seniors, working families with children and students. A similar policy at the federal level could provide a financial boost to many middle-class households.
Social Security Tax Relief
Walz eliminated state income taxes on Social Security benefits in Minnesota. If implemented nationally, this could be a significant benefit for retirees.
Support for Small Businesses
If you’re a small business owner or thinking of starting a side hustle, this one is for you. Walz lowered income tax rates on small businesses in Minnesota, a move that could encourage entrepreneurship nationally.
New Revenue Streams
Walz legalized marijuana in Minnesota, opening up new job opportunities and tax revenue streams. While it’s unclear how this might play out at a federal level, it’s worth noting.
What This Could Mean for You
So what does this all mean for the middle class? Well, if even a few of these policies make it to the national stage, it would be a big deal. It could mean higher wages, lower housing costs, tax breaks and protection against price gouging. For small business owners and entrepreneurs, there could be new opportunities on the horizon.
However, as Termini reminds us: “The campaign has not yet issued an official policy statement on the economy or taxes.” So while these potential policies give us a glimpse of what could be, nothing is set in stone and we just have to keep our eyes on the campaign.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out 4 Economic Policies of Trump’s VP Pick JD Vance That Can Help the Middle Class.
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