Like it or not, Donald Trump won the election. What does it mean for our finances, homes, and what we should do next?
What can we expect a Trump white house to mean for our wallets, our properties, and our communities?
Lower Taxes
If President Trump follows through we should see lower income taxes. That’s something everyone should be excited about. Especially in NY. Business taxes could be cut by half. You may find you fall into a lower tax bracket, and get to keep more of your paycheck. You don’t have to love Trump or his campaign to appreciate getting to keep more of what you work so hard for.
Property Taxes
Being a big real estate owner and investor we can reasonably expect some form of lowering real estate specific taxes too. This may be directly cutting property tax bills, or it could be more tax deductions, and lower income and capital gains taxes to offset them. That’s great news if you live in high tax areas like Long Island.
Real Estate Values
Confidence in the real estate market is sure to surge with a Trump win. Many may follow through on their promises to exit the U.S. if Hillary failed. They may head to Canada, Mexico, the Dominican Republic, or somewhere else. That could add more much needed inventory to the market and help to support more equity appreciation thanks to more sales volume. Just watch the impact of rising home prices on your property tax bill.
Investment Performance
While Trump has called the stock market overvalued, specific types of investments may do very well over the next four years. This may include defense stocks, oil, and real estate.
What to Do Now
When it comes to finances this may be a good time to invest, buy a home, and buy a business property. It is also important to take practical steps to keep your taxes down during the transition. This includes challenging your property tax bill, and maximizing your tax breaks before the end of the year.
However, more important than this let’s work to get along and unify. We need to stop the violence, prevent further property damage from rioting, and work together.