What do we know so far about the incoming Trump administration’s priorities and evolving 100 day plan? Specifically, how will it affect my small business clients? What issues should advisers focus on with clients? Over the past five weeks we’ve heard these position statements that I am using personally to base my own economic forecasts.
Trump will not follow through with these campaign positions:
- Hillary Clinton will not be prosecuted as long as she does not resist Trump
- Illegal immigrants will not be deported en masse
- The wall will not be built
- U.S. will not back out of global climate change commitments
- Affordable Care Act will not be repealed in its entirety
Instead, Trump’s government will emphasize:
- Tax cuts for the wealthy
- Less regulation for banks and Wall Street financial firms
- Repeal of Obamacare tax penalties
- Expansion of the fossil fuel industry
- Less reliance on traditional intelligence and traditional foreign policy
- Befriend Russia but alienate China
- Increase federal control over states on social issues through funding mandates
At this point, this general framework will form the basis of forecasting for two industry articles (one tax and one health care) that I’m working on this week for January publishing deadlines. Comments and feedback are welcome.