Yahoo Finance Grant Cardone: 4 Reasons a Trump Win Would Improve Americans’ Finances
Grant Cardone, a private equity fund manager and real estate investor, believes that financial literacy is key for Americans to build wealth. That’s why Cardone has sent a proposal to the Trump campaign to implement a federal program, Financial Freedom for All, which would teach financial basics to all Americans.
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“I think Donald Trump would welcome this conversation to say, ‘Let’s educate Americans about how to do with their money what successful, wealthy people and investors do with their money,'” Cardone told GOBankingRates.
In addition to making financial literacy more accessible, Cardone believes there are some other key policy changes that Trump would implement that would improve Americans’ finances.
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Lower Taxes
Trump has spoken about wanting to lower taxes, which would not only mean more money in Americans’ pockets, but which also could have positive ripple effects.
“He will lower taxes on all earners, and this means more money to spend and improve the GDP,” Cardone said. “He also would introduce or extend tax incentives, like accelerated depreciation for investments on major purchases, equipment, homes and businesses, which encourages investors to invest money, not take it off the board.”
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More Jobs
With lower taxes and more tax incentives, more businesses would be able to afford to hire more domestic employees.
“Anytime you provide tax incentives, you’re going to encourage investing,” Cardone said. “This is the love language of a businessperson: lower taxes and higher incentives for me to take risks.”
Lower Interest Rates
High interest rates have made it more expensive for Americans to take out mortgages, car loans and other forms of debt. Cardone believes a Trump presidency would mean a long-awaited drop in interest rates.
“Trump will hammer the Fed for lower rates,” Cardone said. “If he doesn’t get his way, he will try to collapse the Fed and make it part of his executive office. I think it is not a bad idea that the president would control the interest rates of a country, because we can’t be competitive right now. Japan has a mortgage rate of 2.5%. Ours is 7.5%.”
Homebuying Would Be More Affordable
If interest rates are brought down, that would make it more affordable for Americans to take out a mortgage and buy a home.
Cardone said, “Trump would put pressure on the Fed to reduce rates and get them competitive again so people could actually afford a mortgage, which would be under 4% or 4.5% for a mortgage to be competitive with a rent.”
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This article originally appeared on GOBankingRates.com: Grant Cardone: 4 Reasons a Trump Win Would Improve Americans’ Finances
