If You Live in North Carolina, Here’s How Trump Might Affect Your Wallet
Written by
Rebecca Neubauer
Edited by
Zuri Anderson
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North Carolinians can expect their votes this November to matter more than ever, since this swing state is polling nearly even for presidential candidates Donald Trump and Kamala Harris.
In light of living in a tipping-point state, many North Carolinians are considering how another presidential term for Trump could impact their financial well-being.
After all, presidential policies will have a direct impact on economic factors that impact everyday Americans, including taxes, the real estate market, Social Security, healthcare costs, and small businesses.
Here’s how Trump could affect your finances if he gets a second term.
1. Taxes
If Trump wins the 2024 election, he is likely to push for the extension of the Tax Cuts and Jobs Act (TCJA) of 2017, which is set to expire in 2025.
This could mean continued lower federal income taxes for many North Carolinians. The extension of the TCJA would maintain reduced tax rates for individuals and the increased standard deduction, benefiting middle-income families.
However, the TCJA capped mortgage interest and state and local tax deductions, which will continue to negatively impact North Carolinians in high-tax areas. Additionally, the long-term fiscal impact of these tax cuts may lead to budget deficits that could affect public services and infrastructure.
2. Real Estate Market
A second Trump term could further augment North Carolina’s booming housing market.
Trump administration’s focus on deregulation and tax cuts could continue to drive consumer confidence and disposable income, sustaining growth in cities like Raleigh and Charlotte.
However, if Trump maintains or raises tariffs on imported building materials like steel and aluminum, construction costs could continue to increase. This might slow new housing developments and drive up home prices, making it even more challenging for first-time buyers to enter the market.
3. Social Security
The ongoing uncertainty surrounding the future of Social Security under Trump’s policies could lead to increased anxiety among the one-in-five North Carolinians who receive Social Security benefits.
For retirees in North Carolina, any potential cuts to Social Security benefits would have significant impacts, as “50% of residents 65 and older (880,949) rely on the program for at least half of their income,” according to AARP.
Trump’s previous proposals to cut payroll taxes, which fund Social Security, could resurface. While this might increase take-home pay for working individuals in the short term, it could demolish the financial basis needed to support the millions of Americans relying on Social Security.
4. Healthcare Costs
Healthcare is a contentious issue, and Trump’s efforts to repeal and replace the Affordable Care Act (ACA) would likely continue if he is elected for a second term.
Changes to healthcare policy such as eliminating the individual mandate might lead to higher premiums for some North Carolinians.
For those on Medicaid, proposed cuts could reduce coverage and increase out-of-pocket costs. North Carolina has expanded Medicaid under the ACA as of December 2023, but the coverage and financing for the 600,000 newly eligible adults could be at-risk if a repeal was successful — leaving many low-income residents without affordable healthcare options.
5. Small Businesses
Small businesses are the backbone of North Carolina’s economy.
A second Trump term could continue to support small businesses through tax cuts and deregulation. The extension of the TCJA’s 20% deduction on qualified business income would provide significant relief to small business owners.
However, if trade policies remain unchanged — and Trump “has proposed significant tariff hikes” — businesses reliant on imported goods could face higher costs. While some businesses could benefit from tax cuts, others might struggle with higher expenses due to Trump’s trade policies.
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 What a Kamala Harris Presidency Could Mean for Your Income.
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