Trumplandia

Trump's first year as President of the United States has certainly been interesting. A lot of scandals or investigations and allegations, and of course the resigns. I mean, Michael Flynn, ugh, the list goes on. Recently, Carl Higbie, a Trump appointee for the Corporation for National and Community Service, stepped down over his comments on the LGBT community and other minorities. So in two days, Trump will have actually been in office for a year, a quarter of his way through. What happened this year in terms of economics and finance?

Taxes:

No, not his tax returns. That still hasn't come out, yet. Will it ever? So the tax overhaul was amazing in the aspect that it has overturned the tax code. So low and middle-income households will save about $1000 annually, which is really good considering that's a lot of people and money. The standard deduction is double, so lower-income citizens will pay either none or less. But of course, the wealthy also benefit. The deduction for state and local taxes is capped at $10,000 and mortgage intersest deductions are at $750,000 from $500,000.

Student Loans:

Obama's rules for for-profit colleges are being rewritten. Defrauded consumers from these colleges could ask for that money back from the government. However, a problem with that is that the student could easily evade debt payment and use that excuse. That is a serious loophole that has been patched up.

Borrowers:

The Consumer Financial Protection Bureau said it was planning to rewrite a rule requiring payday lenders to see if borrowers can afford loans before approval. It would help stop attemps by lenders to debit payments from the borrowers' bank accounts. It will fix a system that's unfair against borrowers. Payday laons are expensive, with interest rates of $300%?? People constantly roll over or refinance, which hurts them even more.

Wall Street:

No, not a street of walls.

https://www.usatoday.com/story/money/2018/01/19/trump-and-your-finances-taxes-student-and-payday-loans-tips-targeted-1st-year/1040714001/

https://www.yahoo.com/news/trump-appointee-carl-higbie-resigns-015224762.html