7 ways President Trump could impact your wallet

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Shocking the polling industry — but not surprising his supporters one bit — Donald Trump has been elected the next president of the United States. He made a lot of promises during the campaign, a number of which could affect your wallet.

Trump should be able to get some things done. His party will control both houses of Congress. Although Republicans won't have the 60-vote filibuster-proof majority in the Senate, the new president and his party should have a relatively free hand when it comes to making promises reality.

However, several of Trump's ideas are not in line with traditional Republican policies. Only time will tell if he's able to find sufficient votes to pass them. Here are seven issues Trump might address that could impact on your bottom line.

1. Health insurance costs

Republican lawmakers have said they wanted to repeal and replace Obamacare (the Affordable Care Act signed in 2010) pretty much from the start. Now, they have their chance. Some aspects of the legislation have been popular. These include the ban on denying coverage for pre-existing conditions, allowing people up to age 26 to stay on their parents' plans, and the ban on insurers setting lifetime maximum coverage limits.

In addition, roughly 20 million uninsured people have purchased insurance through the state exchanges set up by Obamacare. However, rising premiums from insurers have cast long shadows over any prospect of keeping the program in its current state. It remains to be seen which changes will be made.

2. Consumer prices, manufacturing jobs

Trump wants to renegotiate the North American Free Trade Agreement — or NAFTA — and has said he won't sign the Trans-Pacific Partnership multinational trade agreement. These deals have become four-letter words in factory towns across the country, as free trade is blamed for making it attractive for companies to move plants to other countries with low labor costs. Undoing NAFTA may require Senate approval (though it's unclear), but the TPP could be scuttled by the new president.

What this means is a mixed bag. These deals have given Americans access to low-cost goods from overseas. Abandoning these pacts would drive up prices on many consumer goods. If the Trump administration and Congress could engineer it so that abandoning the trade deals would prompt manufacturers to reinvest in U.S. plants and employ U.S. workers (instead of robots), it could be good news for blue-collar families.

See how major newspapers around the world reacted to Trump's win:

17 PHOTOS
Newspapers around the world react to Trump's win
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Newspapers around the world react to Trump's win
A businessman walks past copies of the London Evening Standard newspaper, featuring a picture of U.S. President-elect Donald Trump on its front page, waiting to be picked up in the square mile financial district of the City of London, U.K., on Wednesday, Nov. 9, 2016. Donald Trump was elected the 45th president of the United States in a stunning repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
A Mexican holds a newspaper with headlines referring to the eventual triumph of Donald Trump on November 9, 2016 in Mexico City. / AFP / PEDRO PARDO (Photo credit should read PEDRO PARDO/AFP/Getty Images)
Mexican newspapers with their front page referring to the eventual triumph of US presidential candidate Donald Trump on November 9, 2016 in Mexico City. / AFP / YURI CORTEZ (Photo credit should read YURI CORTEZ/AFP/Getty Images)
A Mexican holds a newspaper with headlines about on the eventual triumph of Donald Trump on November 9, 2016 in Mexico City. / AFP / PEDRO PARDO (Photo credit should read PEDRO PARDO/AFP/Getty Images)
Copies of a special edition of the Financial Times newspaper, featuring a picture of U.S. President-elect Donald Trump on its front page, sit waiting to be picked up in the square mile financial district of the City of London, U.K., on Wednesday, Nov. 9, 2016. Donald Trump was elected the 45th president of the United States in a stunning repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
A Mexican newspaper with its front page referring to the eventual triumph of US presidential candidate Donald Trump on November 9, 2016 in Mexico City. / AFP / YURI CORTEZ (Photo credit should read YURI CORTEZ/AFP/Getty Images)
A Mexican newspaper with its front page referring to the eventual triumph of US presidential candidate Donald Trump on November 9, 2016 in Mexico City. / AFP / YURI CORTEZ (Photo credit should read YURI CORTEZ/AFP/Getty Images)
A Mexican reads a newspaper with headlines about on the eventual triumph of Donald Trump on November 9, 2016 in Mexico City. / AFP / PEDRO PARDO (Photo credit should read PEDRO PARDO/AFP/Getty Images)
View of Guatemalan newspapers informing about the victory of US presidential candidate Donald Trump in their front pages, in Guatemala City on November 9, 2016. / AFP / JOHAN ORDONEZ (Photo credit should read JOHAN ORDONEZ/AFP/Getty Images)
Colombian newspapers report the victory of US presidential candidate Donald Trump on their front pages, in Medellin, Colombia, on November 9, 2016 / AFP / STR / RAUL ARBOLEDA (Photo credit should read RAUL ARBOLEDA/AFP/Getty Images)
An 'I Voted' sticker adorns a newspaper at an election watch party organized by the American Chamber of Commerce in Hong Kong, China, on Wednesday, Nov. 9, 2016. Republican Donald Trump was projected to win North Carolina and Florida, an unexpectedly strong showing in results Tuesday night that potentially throws the balance in the presidential race to Michigan and Wisconsin, key parts of Hillary Clinton's Midwestern electoral firewall. Photographer: Anthony Kwan/Bloomberg via Getty Images
TOKYO, JAPAN - NOVEMBER 09: A man distributes an extra edition of a newspaper featuring a front page report on the U.S. Presidential Election and Republican President-elect Donald Trump on November 9, 2016 in Tokyo, Japan. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States. (Photo by Yuya Shino/Getty Images)
Chilean newspapers report the victory of US presidential candidate Donald Trump on their front pages, in Santiago, on November 9, 2016 / AFP / MARTiN BERNETTi (Photo credit should read MARTIN BERNETTI/AFP/Getty Images)
An Iraqi man holds an edition of Iraqi daily newspaper Azzaman displaying pictures of US presidential candidates Donald Trump and Hillary Clinton in Baghdad on November 9, 2016. Billionaire populist Donald Trump, tapping into an electorate fed up with Washington insiders, was on the verge of a shock victory over Hillary Clinton in a historic US presidential election that sent world markets into meltdown. / AFP / SABAH ARAR (Photo credit should read SABAH ARAR/AFP/Getty Images)
The New York Post newspaper featuring president-elect Donald Trump's victory is displayed on a New York newsstand, Wednesday, Nov. 9, 2016 in New York. Donald Trump claimed his place Wednesday as America's 45th president, an astonishing victory for the celebrity businessman and political novice who capitalized on voters' economic anxieties, took advantage of racial tensions and overcame a string of sexual assault allegations on his way to the White House. (AP Photo/Mark Lennihan)
A Clarin newspaper, left, with a headline reading in Spanish "Trump was winning and U.S begins an era that shocks the world" with a picture of President-elect Donald Trump is prepared to be delivered outside a building in Buenos Aires, Argentina, Wednesday, Nov. 9, 2016. (AP Photo/Natacha Pisarenko)
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Trump also called for steep tariffs — essentially taxes on imports. In some cases he's specifically called out the Ford Motor Co. for making goods outside of the country. In others, he's made general comments about imposing high tariffs on a broad swath of imported goods. This would, obviously, increase the costs of those goods to the consumer. According to Trump, these moves would also lead to more domestic jobs by making goods produced in this country more competitive.

Trade deals negotiated over the past several decades have allowed huge growth in imports, but they have also made it easier for U.S. companies to sell to foreign markets. Reinstating tariffs and quotas could lead to a trade war — prompting other countries to impose similar tariffs on exported American goods, presumably reducing sales of these goods overseas.

3. Tax cuts

Trump's proposals call for cutting taxes on businesses — reducing income taxes to three brackets — 12 percent, 25 percent and 33 percent. Whether you would benefit from this change depends on how much you earn. Under this plan, the wealthiest people will get the biggest cut. What happens to lower-income people isn't likely to be as nice, since the lowest tax-rate bracket will go up from 10 percent to 12 percent.

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While the standard deduction would also go up, a basket of other tax code provisions would go away, likely meaning a net increase in taxes paid by working families with children and single-parent households, according to a recent report from the Urban-Brookings Tax Policy Center. The report estimates the changes to the tax code would increase the national debt by $20 trillion over the next 20 years.

Trump disputes these findings. He expects that by reducing taxes on business (while eliminating many tax loopholes and incentives) and reducing regulations (without specifying which ones), renegotiating trade deals and increasing domestic energy production, the economy will see tremendous growth.

He's also said that under his plan, individuals making less than $25,000 per year, or couples making $50,000 per year would no longer pay income tax.

4. Child-care costs

Trump has said he wants to change the way parents deduct child-care costs — allowing deductions up to the average for their state — instead of a maximum deduction of $3,000 for one child or up to $6,000 for two or more. People who live in higher cost-of-living areas would be hurt by this. The deduction would be available to individuals making up to $250,000 per year, or $500,000 for married couples.

Under his proposal, new mothers would be able to collect unemployment for six weeks of maternity leave from their jobs. He'd also allow people to create special child-care accounts where money could grow tax-free. There's a grab bag of different deductions and allowances depending on income level. Low-income families who managed to put in $1,000 per year would get a $500 match from the government. Some advocates note that this would help wealthier families by providing a tax shelter for them, while many poor families would be unlikely to have an extra $1,000 per year to set aside.

5. Retirement benefits

Trump has said he wants to leave Social Security as is, and he has opposed an increase in the retirement age. However, many experts expect the program to face financial difficulties in the coming decades unless there are substantial changes to it, and Republican leaders have expressed support for an increased retirement age.

6. Infrastructure jobs?

Trump has promised to rebuild bridges, highways and airports, and to do it for one-third of what the country currently pays for such projects. Even at that discount, the money for the projects would need to come from somewhere — and it's unclear how much Congress will allocate. On the up side, it could potentially create a large number of construction jobs.

7. Wall Street changes

Trump has vowed to scrap the Dodd-Frank Wall Street Reform and Consumer Protection Act (usually referred to as Dodd-Frank), a package of financial regulations that was passed under President Barack Obama after the 2007-2009 recession. One element was creation of the Consumer Financial Protection Bureau.

The impact of such changes are difficult to foresee, but they're more likely to benefit high fliers on Wall Street than small investors or non-investors on Main Street. He also wants to end the "carried interest deduction," a loophole that many Wall Street insiders use to reduce their effective tax burden.

What do you think President Trump will be able to push through Congress from this agenda? What do you think will be the top of his agenda? Share with us in comments below or on our Facebook page.

RELATED: See photos from Trump's win on Tuesday:

25 PHOTOS
Donald Trump becomes president-elect of the United States
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Donald Trump becomes president-elect of the United States

U.S. President-elect Donald Trump speaks at his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Carlo Allegri)

Donald Trump supporters cheer as U.S. presidential election results are announced during a Republican watch party in Phoenix, Arizona, November 8, 2016.

(REUTERS/Nancy Wiechec)

Republican president-elect Donald Trump delivers his acceptance speech during his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Chip Somodevilla/Getty Images)

Republican presidential elect Donald Trump (L) arrives to speak during election night at the New York Hilton Midtown in New York on November 9, 2016. / AFP / JIM WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)

President-elect Donald Trump, shakes hands with Vice-President-elect Mike Pence during his election night rally, Wednesday, Nov. 9, 2016, in New York.

(AP Photo/John Locher)

U.S. President-elect Donald Trump and his campaign manager Kellyanne Conway greet supporters during his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Mike Segar/TPX IMAGES OF THE DAY)

Supporters of Republican presidential candidate Donald Trump cheer as they watch election returns during an election night rally, Tuesday, Nov. 8, 2016, in New York.

(AP Photo/ Evan Vucci)

Eric Trump and Donald Trump Jr. look on as Republican presidential elect Donald Trump speaks during election night at the New York Hilton Midtown in New York on November 9, 2016.

(JIM WATSON/AFP/Getty Images)

US President-elect Donald Trump arrives at the New York Hilton Midtown in New York on November 8, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States.

(SAUL LOEB/AFP/Getty Images)

Republican U.S. presidential nominee Donald Trump greets supporters at his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Carlo Allegri)

Vice president-elect Mike Pence speaks to supporters at Republican president-elect Donald Trump's election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Joe Raedle/Getty Images)

Republican president-elect Donald Trump walks on stage with his son Barron Trump, wife Melania Trump and Ivanka Trump during his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Chip Somodevilla/Getty Images)

A supporter celebrates as returns come in for Republican U.S. presidential nominee Donald Trump during an election night rally in Manhattan, New York, U.S., November 8, 2016.

(REUTERS/Mike Segar)

Chairman of the Republican National Committee (RNC) Reince Priebus hugs Republican presidential elect Donald Trump during election night at the New York Hilton Midtown in New York on November 9, 2016.

(JIM WATSON/AFP/Getty Images)

Former New York City Mayor Rudolph Giuliani arrives on stage with his wife Judith Nathan as U.S. President-elect Donald Trump addressed supporters at his election night rally in Manhattan, New York, U.S., November 9, 2016.

(REUTERS/Brendan McDermid)

US President-elect Donald Trump greets son Eric after speaking at the New York Hilton Midtown in New York on November 8, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States.

(SAUL LOEB/AFP/Getty Images)

Vice president-elect Mike Pence walks on stage with his wife Karen Pence at Republican president-elect Donald Trump election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Americans went to the polls yesterday to choose between Republican presidential nominee Donald Trump and Democratic presidential nominee Hillary Clinton as they go to the polls to vote for the next president of the United States.

(Photo by Joe Raedle/Getty Images)

US President-elect Donald Trump arrives with his son Baron and wife Melania at the New York Hilton Midtown in New York on November 8, 2016. Trump stunned America and the world Wednesday, riding a wave of populist resentment to defeat Hillary Clinton in the race to become the 45th president of the United States.

(SAUL LOEB/AFP/Getty Images)

U.S. President-elect Donald Trump, speaks an election night party at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump was elected the 45th president of the United States in a repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world.

(Photographer: Andrew Harrer/Bloomberg via Getty Images)

Melania Trump and Ivanka Trump look on as Republican presidential elect Donald Trump speaks during election night at the New York Hilton Midtown in New York on November 9, 2016.

(JIM WATSON/AFP/Getty Images)

U.S. President-elect Donald Trump arrives to speak during an election night party at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump racked up victory after victory in key states Tuesday to put himself in position to threaten Hillary Clinton for the White House, with the results in three Rust-Belt states likely to determine the next U.S. president.

(Photographer: Andrew Harrer/Bloomberg via Getty Images)

Republican president-elect Donald Trump delivers his acceptance speech during his election night event at the New York Hilton Midtown in the early morning hours of November 9, 2016 in New York City. Donald Trump defeated Democratic presidential nominee Hillary Clinton to become the 45th president of the United States.

(Photo by Chip Somodevilla/Getty Images)

President-elect Donald Trump gives his acceptance speech during his election night rally, Wednesday, Nov. 9, 2016, in New York.

(AP Photo/John Locher)

Attendees cheer during an election night party for U.S. President-elect Donald Trump at the Hilton Midtown hotel in New York, U.S., on Wednesday, Nov. 9, 2016. Trump was elected the 45th president of the United States in a repudiation of the political establishment that jolted financial markets and likely will reorder the nation's priorities and fundamentally alter America's relationship with the world.

(Photographer: Andrew Harrer/Bloomberg via Getty Images)

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