Trump’s First 100 Days: How His Agenda Might Impact Your Wallet
Written by
Kerra Bolton
Edited by
Zuri Anderson
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President Donald Trump’s second-term agenda is reshaping the economy, with policies that could directly impact the cost of living for many Americans. From extending tax cuts to deregulating businesses and revising healthcare policies, these changes may bring financial benefits for some while raising concerns for others.
Here’s how key policies from Trump’s agenda for his first 100 days back in the White House might impact your wallet.
Extending the 2017 Tax Cuts
Trump has pushed to extend or make permanent provisions of the 2017 Tax Cuts and Jobs Act, which are set to expire at the end of 2025. These provisions include lowering individual tax rates, doubling the standard deduction and expanding the child tax credit.
The administration is working with Congress to pass legislation extending these cuts, but the plan has sparked debate over its potential impact on the federal deficit. The Congressional Budget Office estimates that making the tax cuts permanent could add $4.6 trillion to the national debt over the next decade.
“Allowing the 2017 tax reductions to expire would saddle the economy with significant tax increases that will diminish income growth and reduce job opportunities,” said Wayne Winegarden, an economist at the Pacific Research Institute.
“Within this environment, middle-class, take-home pay growth would diminish. Following the 2017 tax reforms, the growth in median family incomes accelerated significantly,” Winegarden added.
However, he noted that proposals such as exempting tip income from taxation or lifting the state and local tax (SALT) deduction cap could reduce federal revenue without necessarily boosting economic incentives.
“These changes will be detrimental to income growth,” Winegarden said. “On net, it depends on which Trump tax changes are emphasized. There is a possibility of beneficial changes and a possibility of ill-advised changes. Only time will tell.”
Eliminating Taxes on Social Security Benefits
While details remain unclear, a White House official recently told CNBC that Trump intends to “double down” on his campaign promise to end federal taxes on Social Security benefits amid concerns about proposed Department of Government Efficiency (DOGE) cuts.
Meanwhile, U.S. House Republicans have backed President Trump by reintroducing legislation that would eliminate taxes on Social Security benefits.
“This is simply a way for Congress to obtain more revenue for the federal government at the expense of seniors who have already paid into Social Security,” said Rep. Thomas Massie (R-KY), one of the bill’s co-sponsors in a press release. “My bill would exempt Social Security retirement benefits from taxation and boost the retirement income of millions of older Americans.”
However, some experts said there could be unintended consequences.
“Eliminating federal taxes on Social Security benefits, while beneficial for retirees in the short term, would reduce Social Security’s reserves in the long term,” said Yehuda Tropper, CEO of Beca Life Settlements, which helps seniors sell unnecessary life insurance policies.
Business Deregulation
Trump signed an executive order requiring the elimination of ten regulations for every new one created and mandating that the total cost of all new regulations be “significantly less than zero.”
His deregulation efforts are expected to impact businesses, financial markets and environmental policies, with proponents arguing they will boost economic growth.
“Deregulation helps small business owners reduce costs, focus more on running their companies and streamline operations,” said Dustin Siggins, founder of Proven Media Solutions and a former Capitol Hill journalist.
Siggins added, “This can help their wider communities by increasing pay and/or benefits for employees, creating more economic activity through spending money more efficiently, and hiring more employees and contractors. Deregulation also helps small companies compete against established competitors who often use regulatory capture to reduce competition.”
Healthcare Costs and the Affordable Care Act
During his first term, Trump unsuccessfully attempted to repeal the Affordable Care Act (ACA). On his first day back in office, he revoked multiple Biden-era executive orders, including one that aimed to strengthen Medicaid and ACA protections.
David Navazio, CEO of healthcare company Gentell, said that increased healthcare costs will eventually trickle down to taxpayers, as the federal government is the largest payer of healthcare services.
“Not tomorrow, but over time, as additional costs are realized by medical providers and insurance companies,” Navazio said. “Individuals won’t see the full impact immediately because insurance companies and employers will absorb some of the costs. But in the end, those who pay a portion of their healthcare premiums will see their contribution go up.”
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