Donald Trump is the master of delivering memorable, extraordinary voice-overs that stay in voters’ minds.

“We gave you the biggest tax cuts in history,” he shouted on the campaign trail this summer, “and we’re going to do it again — but even bigger this time.”

Trump’s 2024 election The promises sound like familiar territory: tax cuts, deregulation and pro-business policies, seemingly with little concern for America’s ballooning budget deficit.

“He wants”Taking over China like never before“prioritizing American workers”, increasing domestic industry and oil production, and discard environmental regulations This may come your way.

But keeping these promises may not be that easy. If Trump were to secure a second term, it is unlikely he would have the same Senate and House majority support that pushed through his economic plans last time.

Trump, whose 2017 tax cuts will expire in 2025, wants to finish what he started by placing tax cuts and controversial trade tariffs at the top of his economic agenda. So how could another four years of Trump affect your finances?

What are Donald Trump’s major tax cuts?

The Tax Cuts and Jobs Act (TCJA) of 2017 was one of Trump’s most significant legislative achievements, and its expansion is at the center of his 2024 economic campaign.

The TCJA reduced the corporate tax rate from 35 percent to 21 percent and reduced personal tax rates across income brackets. Instead of letting these cuts expire in 2025, Trump is now pushing to make these cuts permanent.

For low-income families, the impact will be modest, with households receiving an average tax cut of $490 in 2026. Middle-income families will be slightly better off, seeing savings of about $1,430, and high-income families (in the 20th percentile) see extra savings of about $11,420, according to the Tax Policy Center.

The child tax credit will remain at $2,000 per child, offering some additional assistance to families but falling short of some more comprehensive proposals. Presented by the Harris campaign.

For high-income households and businesses, expansion of the TCJA would likely provide the most significant relief. The corporate tax rate will remain at 21 percent rather than returning to the pre-Trump 35 percent, while high-income earners will continue to benefit from the top tax bracket of 37 percent, avoiding a return to 39.6 percent.

One piece of TCJA legislation that Trump proposes to scrap is the controversial $10,000 cap on State and Local Tax deductions (Salt). Residents of high-tax states such as New York, New Jersey, Connecticut and California have been significantly impacted by the Salt cap since 2017.

In the past, they were able to use a much larger portion of their Salt deductions to reduce their federal tax bills. Seen as one of the more progressive elements of the TCJA, economists point out that rolling back the salt cap would disproportionately benefit wealthy Americans and cost the government a projected $600 billion over the next 10 years.

Capital gains tax deduction

One of the other major proposals put forward by Trump is to further reduce the capital gains tax. This would be a big win for Wall Street investors, venture capital and real estate portfolios.

Currently, long-term capital gains are taxed at a maximum rate of 20 percent. Trump suggested lowering this rate to 15 percent. The move will disproportionately benefit wealthy investors who derive a significant portion of their income from capital gains on assets such as stocks and real estate.

Critics have expressed concerns that the policy would further widen the nation’s wealth gap, providing little or no benefit to middle-class Americans who depend on wages and lack significant assets.

Tip and overtime tax

Like Kamala Harris, Trump suggested: tax-free tips for service workers. This is a popular policy in major states where the service sector is an important part of the local economy.

If adopted, this initiative could allow millions of Americans to keep a larger share of their earnings; This could be a welcome boost for hotel and restaurant workers.

At his campaign rally in September, Trump also called for eliminating taxes on overtime pay. However, difficulties may be encountered in implementing the policy. Some economists worry that reclassifying income as tips could become a loophole for high earners to evade taxes.

Higher health premiums

Trump’s stance on health It’s a notable contrast to Harris. While Democrats want to expand the Affordable Care Act (ACA) and reduce health care costs for families, Trump has promised to repeal or replace the ACA with private insurance solutions.

If re-elected, Trump will redouble efforts to eliminate key aspects of the ACA and make clear a broader goal of reducing government involvement in health care.

For Americans with pre-existing conditions who rely on ACA protections, this shift could mean much higher health premiums and reduced access to care.