How do Trump voters feel about their finances now?

Why tax legislation could shift wealth from young to old

Global news you can trust. Download the Reuters App. On the Money On the Money By Lauren Young, Digital Special Projects Editor This week Reuters rolled out a new series tracking the pulse of Americans who voted for U.S. President Donald Trump. Our coverage delves into how they feel about the president's first 100 days in office and what is impacting their lives – and wallets – now. Not surprisingly, tariffs are the most common policy cited by Trump voters we are following across the country. They see the effect of tariffs in the workplace and on their investments, especially 401(k) retirement plans. Many still back Trump but not on everything. Reuters will be periodically interviewing many of these same voters between now and the 2026 midterm elections to gauge their sentiments. As always, I love to hear from you. Let me know how the Trump administration's policies are impacting you financially. Write to me at onthemoney@thomsonreuters.com.  Who will benefit most from tax-cut legislation? REUTERS/Nathan Howard Trump budget plan will shift wealth from young to old, experts say Trump's sweeping tax-cut legislation would effectively transfer wealth from younger Americans to older generations, experts say. Though Trump's "Big, Beautiful Bill" contains tax breaks for parents, newborns, private-school students and other younger Americans, those benefits will be outweighed by the trillions of dollars it would add to the $36.2 trillion national debt, according to nonpartisan sources. The Penn Wharton Budget Model found that a 40-year-old earning close to the median income would effectively lose $7,500 over the course of a lifetime if the bill became law. A 70-year-old with the same income, by contrast, would end up $17,500 richer. What aspect of Trump's Tax Bill are you paying the most attention to? Write to me at onthemoney@thomsonreuters.com. (Did I mention that I love reader mail?) Read, watch and listen Trump threat to replace Powell shakes markets  Nearly 2 million student loan borrowers are at risk of having their wages garnished this summer  When are tariffs going to hit American wallets? From cans to cartons: how Trump's metals duties make packaging pricey Your exclusive credit cards are about to get even more expensive Inside the complex and petty prenups of the superwealthy How much will you save or lose with Trump's 'big' tax bill? No love for the dollar as markets fret about Fed independence  Video of the Week   Oil markets are too well-supplied for price concerns to really worry investors, and strong momentum will likely keep driving stocks higher, Kathleen Brooks of XTB told Reuters as U.S. stocks hit a historic high. Watch her interview here. Mo' millionaires   In 2024, more than 1,000 people became millionaires every day. REUTERS/Lee Jae-Won Here is a fun fact: The United States accounted for almost 40% of global millionaires in 2024. Wealth grew disproportionately quickly last year in the United States, with at least 379,000 people becoming new U.S. dollar millionaires, more than 1,000 a day, a recent report by UBS showed. Are consumers protected?   Americans face higher late fees with the rollback of the CFPB, experts say. REUTERS/Kent Nishimura Trump's rapid pullback of the U.S. Consumer Financial Protection Bureau has cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies. The increased consumer costs from the CFPB's rollback of regulations on bank fees, wholesale dismissal of cases against banks and other lenders and the apparent failure to disburse funds intended for harmed borrowers run counter to Trump's campaign pledges to ease the cost of living, according to the Student Borrower Protection Center and the Consumer Federation of America. Have you paid a late fee recently? Let me know about your experience at onthemoney@thomsonreuters.com. A$k Lauren     Do you need to pay down student debt? Are you considering long-term care insurance? Send questions to onthemoney@thomsonreuters.com, and I'll tap my extensive source network and braintrust for expert advice. Don't forget to subscribe to this newsletter! Even better, share it with a friend!  New newsletter alert! Reuters Open Interest (ROI) is an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website. 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