Obama Wins: What It Could Mean for Your Wallet

By Alden WickerLearnVest

After a tight race, last night ended with Barack Obama giving his acceptance speech for another four years in office—and a chance to further his agenda.

The President pulled in well over the 270 electoral votes needed to win at the 11th hour, literally. It was shortly after 11 p.m. when the race was called. Ohio, the quintessential swing state, pushed him over the edge to victory.

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Now the question that’s on everyone’s lips: What will his re-election mean for me … and America?

Campaign promises are one thing, and actual action is another, especially in Washington. With the House of Representatives still controlled by Republicans, and the Senate still held by a majority of Democrats, he’ll have to carefully navigate Congressional gridlock to get his next set of initiatives passed.

But what initiatives might he take on, and how would they affect you? Here’s a closer look at how your wallet could be impacted.

What do you hope will happen—economically, or in your own personal finances, in the next four years? Let us know in the comments.

Scary Election Leads to Better Budgeting

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Are You Better Off Than You Were Four Years Ago?

If Your Household Earns Less Than $250,000

Obama has proposed to extend the tax cuts–which are currently set to expire at the end of this year–for households earning less than $250,000. A White House-authored report says that allowing the tax cuts to expire would raise taxes on a “typical middle class family of four” by $2,200. Obama will try to keep that from happening.

If you Earn