PMD: President Trump vs. Physician Finance

Photo by Gage Skidmore, shared under  CC BY-SA 3.0  via Wikimedia Commons

Photo by Gage Skidmore, shared under CC BY-SA 3.0 via Wikimedia Commons

Welcome to another installment of Future Proof posts on Physician's Money Digest (PMD).  The 2016 US presidential election was surprising to say the least.  Let's talk about some ways President Trump may impact your personal finances.  As usual, read the full post at PMD.  An excerpt is provided below.

No matter what your political leaning, there is a good chance the outcome of the 2016 US presidential election came as a surprise.  My very own mother, who professed that she would have voted for Trump (she didn’t as she was visiting in China during the election), still did not think he could ACTUALLY win the election.  Much have been written about how the Trump presidency will impact the Affordable Care Act (“Obamacare”) and other facets of our economy.  Now the dust has cleared a little, I want to approach it from a different perspective – how President Trump will impact your finances on a personal level.
For your income
While there is no direct impact on your salary by the election of Mr. Donald J Trump, there is a very significant potential benefit – “YUGE” tax savings.  You can view President-elect Trump’s plan on taxes in more detail HERE.  But suffice it to say if Mr. Trump gets his way – that’s a big IF – all of us will stand to keep a lot more of our hard-earned cash.  However, as we are all aware, making changes to the tax law is a lot harder than coming up with campaign slogans.  I wouldn’t hold my breath if I were you.
For your debt
Again, the election of Mr. Trump should have no direct impact on any of your outstanding debts.  However, as discussed previously, if Mr. Trump carries out the promise on lowering taxes, then you would end up with quite a nice windfall of extra cash.  And as socially and financially responsible professionals, I would hope one of your first priorities would be to pay down debt – credit cards, student loans, car loans, mortgage etc.

Read the rest at PMD.

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Future Proof, MD

Dr. Bo Liu is an aspiring radiologist-in-training and the founder and editor of the White Coat Money Blog.  He has an interest in interventional radiology and helping his medical colleagues get ahead in this mad world of medicine and money.  When he's not crushing the list at the PACS station or typing up your next favorite blog post, you can usually find him at the local badminton club, movie theater or the most recently opened restaurant.