CINCINNATI - Americans want to know what President Trump’s plans for health care, taxes and other initiatives will mean for personal finances.
That’s why Doug Loftus will be focused on the new president’s first address to a joint session of Congress Monday night.
“I'll be watching intently,” Loftus, principal of Wealth Dimensions Group, told WCPO.
“In 30 years of doing this, you don't get too excited about anything,” Loftus said. But he knows his clients will have questions in the morning.
WATCH Trump's speech live on WCPO.com beginning at 9 ET.
Loftus says clients are particularly concerned about health care and Republican intentions to repeal and replace the Affordable Care Act.
“We spend a significant amount of our time with our clients determining how they're going to deal with health care expenses.” Loftus said.
A border adjustment tax could also have a big impact. Basically, it would add to the cost of any imported goods in an effort to get more people to buy American.
”That gets passed directly onto consumers on the price of goods,” Loftus said.
Other proposals that could affect you are a potential tax cut and change in rates.
“Perhaps households may benefit at the lower end with easier taxes or lower tax rates,” said Jennifer Shand, Senior Research Associate at the University of Cincinnati Economic Center.
But Shand said the cut will really help those at the top of the tax bracket.
The idea is businesses will reinvest that money and create more jobs.
But Shand says that’s like getting a haircut and hoping to lose weight. Maybe it will spur you to action or maybe you'll just have less hair.
”The extent to which that filters down in the economy is unknown,” Shand said.
No matter what Trump says, Loftus says it's too early to tell what his presidency will mean for your money.
“There will be short-term reactions but the long term is not going to be dictated by what we hear tonight,” Loftus said.
WATCH Trump's speech live on WCPO.com beginning at 9 ET.
