Economic topics took center stage in the vice presidential debate Tuesday night between Ohio Sen. JD Vance and Minnesota Gov. Tim Walz. The candidates defended their tickets while debating intensely on inflation, housing, child care and health care.
The debate, held in New York City and hosted by CBS, gave Walz and Vance the opportunity to more clearly define themselves to voters, as both were thrust quickly into the national stage this summer. In contrast to the presidential debate three weeks ago between former President Donald Trump and Vice President Kamala Harris, the vice presidential debate was strongly focused on policy.
Also unlike the first debate between Trump and Harris, the Walz-Vance debate remained civil and sometimes agreeable. The pair even found common ground in the fact that both have made public misstatements in the past — Vance in his prior condemnation of Trump and Walz incorrectly stating that he had been in Hong Kong during the 1989 Tiananmen Square massacre.
But it was still a debate between candidates with stark conflicting views on most issues, especially abortion and immigration. They used their time to attack the others’ rivals at the top of the ticket. The biggest moment of tension between the two men came when Walz confronted Vance about whether he believed that Trump lost the 2020 election — Vance bypassed the question and instead pivoted to a claim about pandemic-related censorship on Facebook.
As Walz and Vance supported their respective running mates, here’s what they had to say on some key economic issues:
The economy
Vance said Harris has already had the time to enact her policy plans, some of which he said “even sounds pretty good”: “If Kamala Harris has such great plans for how to address middle-class problems, then she ought to do them now.”
Walz attacked Trump for his contributions to the state of the economy the Biden-Harris administration inherited. He said: “We were already, before Covid, in a manufacturing recession — about 10 million people out of work, largest percentage since the Great Depression.”
Walz also gave his appeal to voters when it comes to Trump’s tax policies: “How is it fair that you’re paying your taxes every year and Donald Trump hasn’t paid any federal tax in the last 15 years?”
Housing affordability
Harris wants to increase housing production and encourage first-time home buying through downpayment support. Walz supported Harris’ plans and attacked Trump’s plan to seize federal lands
Trump wants to make housing more affordable by seizing federal lands, providing tax incentives and deporting immigrants. Trump has stated many times that migrants have driven up competition and increased housing prices — this claim is false, but Vance said he would share evidence after the debate via social media. Vance said that one of the strategies for lowering housing costs (in addition to Trump’s plan to deport migrants) would be lowering energy prices.
The VP candidates did agree on one thing, sort of. Walz said “The problem we’ve had is that we’ve got a lot of folks that see housing as another commodity.” Vance also said “We should get out of this idea of housing as a commodity,” before returning to more rhetoric related to immigration.
Health care
Vance promised to cover preexisting conditions if Trump is elected.
Walz spoke about Trump’s opposition to the Affordable Care Act and his attempts to repeal it during his time in office.
On abortion, Vance rebuffed the conjecture that he supported a national ban on abortion, although he did support a bill that would have done just that in 2022. He added that he wants the Republican Party to be pro-family: “I want us to support fertility treatments. I want us to make it easier for moms to afford to have babies.”
Meanwhile, Walz fiercely denied Trump’s accusation that he supports abortion in the ninth month of pregnancy.
Child care
Vance claimed that Trump’s plan to levy a 10% tariff on all foreign imports (with up to 60% for Chinese imports and 100% for vehicle imports from Mexico) would bring in money that would help bring down child care costs. Walz disagreed and said the tariffs would raise prices, which has been backed up by economists from all over the spectrum, including the nonpartisan Tax Foundation.
Walz said Harris would make a paid family leave a priority. “A federal program of paid family medical leave and help with this will enhance our workforce, enhance our families and make it easier to have the children that you want.” Vance said there is a bipartisan solution to child care.
There are no additional debates scheduled for either the presidential or vice presidential candidates.
By midnight on the East Coast, the Polymarket, a prediction market platform, projected a 65% chance that upcoming polls will show Vance won the debate.
Need to dry clothes without a dryer? We’ll walk you through your options.
Whether you live in an apartment in San Jose or a Milwaukee rental, living in an apartment often means adapting to space constraints and finding creative solutions for everyday tasks, including doing laundry. While many apartments lack in-unit dryers, this doesn’t mean you have to sacrifice the freshness and comfort of well-dried clothes.
Drying clothes without a dryer can be both an energy-efficient and garment-friendly method. This comprehensive Rent. guide will walk you through a few tips on the best practices for drying clothes without a dryer in an apartment.
1. Gentle washing and spinning
Optimize washing machine settings: Use the “delicate” or “gentle” wash cycle to prevent wear and tear, especially for delicate fabrics. This cycle reduces agitation and helps preserve the quality of your clothes. After washing, select a “spin only” cycle to remove excess water—this will help reduce drying time without stressing the fabric. If hand washing, gently press out the water rather than wringing to protect the fibers.
2. Shake clothes and sort effectively
Shake clothes out: Vigorously shake each garment after washing. This loosens the fibers and helps clothes dry quicker and with fewer wrinkles.
Sort by time: Group clothes by thickness and fabric type. Lighter fabrics dry faster and should be hung separately from heavier ones like jeans or towels.
Color care: Prevent color bleeding by drying similar colors together, especially for new garments.
3. Select the right spot for drying
Air circulation is key: Choose an area with good airflow. A room with a ceiling fan or near an open window is ideal.
Consider sunlight: While natural light is beneficial, direct sunlight can cause colors to fade. A balance is essential.
4. Utilize drying racks efficiently
Invest in quality racks: A sturdy, foldable drying rack is a worthwhile investment for apartment living.
Strategic placement: Don’t overcrowd the rack. Arrange items with enough space in between for air to circulate between them.
5. The art of hanging clothes
Hanger drying: Utilize hangers for shirts, dresses and pants. This not only saves space but also minimizes the need for ironing. To avoid small shoulder creases, use padded or wide hangers, which help distribute the weight more evenly and maintain the shape of the garment.
Hanging techniques: For pants, clip the waistband to the rack. For sheets and larger items, fold them over multiple bars.
6. Indoor enhancements
Dehumidify: In humid apartments, a dehumidifier can accelerate drying times significantly. This can be incredibly handy if you live in a tropical climate like Miami, FL.
Fans are your friends: Positioning a fan near your drying setup can simulate a gentle outdoor breeze.
7. Outdoor options
Use your balcony: If accessible, balconies are great for air drying, but always secure clothes properly. You don’t want to be the neighbor who introduces themselves to the block while chasing half-dry laundry down the street.
Innovate: Portable, retractable clotheslines can be a game-changer for balcony drying.
8. Iron
Dual-purpose ironing: Ironing clothes when slightly damp smooths out wrinkles and completes the drying process, especially for materials like cotton and linen. The key is to ensure the clothes are just slightly damp, not too wet, to avoid any risk of damaging the iron or the fabric.
9. Maintain your drying rack
Clean regularly: Keep drying racks clean to prevent any rust or dust transfer to your cleaned dry clothes.
How to dry clothes quicker
Speeding up the clothes drying process without a dryer involves several effective methods that maximize airflow and evaporation. Here are some key strategies to dry clothes faster without a dryer.
Maximize the spin cycle: Use the highest spin cycle on your washing machine that is safe for your fabrics. The faster cycle removes more moisture, reducing drying time significantly.
Towel roll: For particularly heavy items like jeans or sweaters, lay them flat on a dry towel and roll the towel up with the garment inside. Press gently to absorb excess water. This method is especially useful for delicate items that you can’t put through a high spin cycle.
Wring out excess water: For sturdy fabrics, carefully wring out extra water before hanging them to dry. Be cautious with delicate fabrics, as wringing can damage them.
Use air movement: Position your drying clothes near a standing or ceiling fan to increase air circulation. The airflow speeds up evaporation, reducing drying time.
Use dryer balls in the washing machine: Adding dryer balls to the washing machine can help separate clothes and allow more air to circulate between them during the spin cycle, thus removing more water.
Change the temperature: Increasing the room temperature where you’re drying clothes can help speed up the process, as warmer air can hold more moisture.
Remember, while it’s important to dry clothes quickly, it’s equally important to ensure they dry thoroughly to prevent mildew or musty smells. Always balance speed with the care needed for each type of fabric.
Benefits of drying clothes without a dryer
While it may require a bit more effort, drying clothes without a dryer has several key advantages.
Fabric care: Air drying is gentler on clothes. By consistently air-drying your threads, you can reduce wear and tear and preserve fabric quality.
Energy saving: Air drying your clothes is an environmentally friendly option that also saves on electricity bills.
Space efficiency: The math is simple here, hangers and foldable drying racks take up much less space than a dryer unit.
By leveraging these advantages of dryer-free clothes drying, you can live a more sustainable, less wasteful life in your apartment. Trust us, your energy bill and your clothes will thank you.
Things to keep in mind when drying clothes indoors
When drying clothes indoors without a dryer, particularly in an apartment, there are several nuances to consider to ensure your clothes dry properly and your living space remains comfortable. Here’s a detailed look at a few of these factors.
1. Optimize your space
Multi-functional racks: Opt for multi-level or tiered drying racks to maximize vertical space. Racks with adjustable wings are also helpful for accommodating larger items.
Door and shower rods: Utilize existing structures like shower rods or over-the-door hangers to create additional hanging space.
2. Strategic placement
Space out garments: Avoid overlapping or bunching clothes. Spreading them out allows air to circulate to each item. This drastically speeds up the drying process.
Heavier items at the bottom: If using a multi-tiered rack, place heavier items like jeans or towels on the lower levels, where there’s less risk of tipping.
3. Time it out
Schedule: Plan your laundry so that clothes have enough time to dry, especially if you need them for a specific occasion. Overnight drying can be effective for morning use.
Rotate: If drying space is limited, rotate clothes periodically to ensure all parts get exposed to air.
4. Minimize odors and dampness
Frequent air changes: Make sure the room has proper air circulation to prevent dampness and odors from settling.
Use of fabric fresheners: Lightly spritz clothes with a fabric freshener or a mix of water and essential oils to maintain a fresh scent during the drying process.
Lay flat to dry: Some delicate items, like sweaters or knitwear, are best dried flat to maintain their shape. Use a mesh drying rack or a clean towel for this purpose.
Drying clothes without a dryer can be a breeze
Drying clothes without a dryer in an apartment requires some creativity and careful planning. By following the steps detailed above, you’ll not only enjoy dry clothes, but you’ll also extend the life of your most worn threads while saving on your energy bill.
Air-drying your clothing is a simple yet effective method that, when done correctly, offers a ton of tangible benefits for your garments and the environment. Remember, the key lies in efficient use of space, proper heating and ventilation and a bit of patience.
Interested in learning more about streamlining your apartment life? We’re always here to help with up-to-date information on everything renters need to know to enjoy their apartments to the fullest.
Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.
Short for “you need a budget,” YNAB is a budgeting app that uses the zero-based budgeting system to help you make a plan for every dollar of your monthly income. The budgeting process is involved, but YNAB’s website offers articles and videos to help users get with the program.
YNAB is a popular app with thousands of reviews and high user ratings (4.8 on the App Store and 4.7 on Google Play). The r/ynab subreddit has 193,000 members. We downloaded and tested the iOS app and used the web-based version of YNAB to find out how it works and who could benefit from it.
What is YNAB?
More than an app, YNAB is a hands-on money management method based on the following four rules:
Give every dollar a job. This is zero-based budgeting in a nutshell. You make a plan for how you’re going to use each dollar of your income. An old-school way to do this is to put cash in envelopes marked for specific expenses.
Embrace your true expenses. The idea is to take larger, less frequent expenses (like an upcoming vacation) and break them into smaller chunks so you can budget for them each month.
Roll with the punches. This rule encourages flexibility; if you’re struggling to pay a bill one month, you can look for other areas to pull back.
Age your money. This rule emphasizes watching your spending so you can build savings and increase the time between when you earn money and when you spend it.
It’s hard to argue with the philosophy. These are sound rules that promote better financial habits.
Before you build a budget
NerdWallet breaks down your spending and shows you ways to save.
How much does YNAB cost?
YNAB is a paid budgeting app with no free version, although new users can start with a free trial for 34 days. After that, it costs $14.99 per month or $109 per year. College students get YNAB free for a year.
YNAB may be worth the cost if it helps you spend less and save more money over time.
How does YNAB work?
YNAB is not a set-it-and-forget-it budgeting app. Rather, it encourages you to play an active role in managing your money by defining budgeting categories, allocating money to those categories and then closely monitoring transactions as they occur.
Define expense categories
Initial setup is the most tedious part, but YNAB asks a few questions up front — about debt and what you like to spend money on — to help you define spending categories. Think of these spending categories as line items in a budgeting spreadsheet (like rent, groceries and meals out), but with a fancier design.
It’s important to include every spending category you can think of in your YNAB budget, and you may need to consult bill receipts, credit card transactions and bank statements at first. Don’t forget to add categories for debt payments, saving and investing if applicable.
🤓Nerdy Tip
Do yourself a favor and use YNAB’s desktop site on a laptop to set up your budget. The larger layout makes it easy to be thorough when defining and organizing spending categories.
Complete the setup process by setting spending targets for recurring expenses — like a monthly rent payment that remains relatively constant at $1,500 per month — and add your current bank balance. You can connect your bank or add the balance manually.
Fund expenses (only with money you have)
YNAB wants you to be intentional and honest with yourself about your money, which means only assigning money you have to your budgeting categories. Your bank balance displays at the top of the app and goes down as you allocate funds to each expense category.
YNAB doesn’t restrict you from funding categories with money not yet there (for example, the second paycheck you know is coming later in the month), but you’ll see a negative balance in bright red that shows you’ve assigned more than you have. Here’s how one user put it on a r/YNAB Reddit thread:
“Imagine you have actual cash and you’re trying to put it in envelopes. The red bubble is there because you’re trying to put cash you don’t have yet in the envelopes,” wrote u/HLef in response to a question from a YNAB newbie who was seeing red.
Record and categorize transactions
Funding your expense categories is the planning part of YNAB. Recording transactions is how you monitor actual spending. The hands-on nature of YNAB means you’ll need to record and categorize transactions for a real-time look at how actual spending aligns with how much you’ve allocated to each category. You can manually enter every purchase yourself, or link supported bank and credit card accounts within the app to make importing transactions more automatic.
YNAB is likely to work best when you’re faithful about funding categories and recording transactions in the app.
What are the pros and cons of YNAB?
The big benefit of YNAB — its super hands-on approach that encourages saving — may be a drawback that keeps others away. Also, it costs money.
Pros
YNAB is a sound money management philosophy within an app.
The app is well-designed and also accessible on desktop.
There are lots of resources available to help you learn the YNAB way.
Cons
This money management method is really involved, which may make it hard to stick with it.
It’s pricey and there is no free version; at $14.99 per month, you’ll spend nearly $900 in five years (or $545 at $109 per year).
What are some YNAB alternatives?
Budgeting apps are all the rage, and there’s no shortage of options to choose from in 2024.
EveryDollar is an app (like YNAB) that makes our best budget apps list and offers a zero-based budgeting framework. Some users may find it simpler to manage than YNAB. EveryDollar has a free and paid version.
PocketGuard is an alternative that’s big on simplifying the budgeting process. Essentially, you can link your bank accounts, credit cards, loans and investments, plus use the app to track net worth and monitor spending. PocketGuard also has a free and paid version.
Who is YNAB for?
YNAB may be for you if you’re serious about optimizing your finances and have the discipline to stick with it. To be effective and get your money’s worth, you’ll need to be in the app adjusting your categories, forecasting where your funds will go and recording transactions on a regular basis. If you can do that, you’ll probably be better with money for it.
Methodology
We chose to review this app because of its popularity and high ratings in both major app stores. We signed up for the free trial and conducted hands-on testing using both the desktop and mobile app versions of YNAB to understand the budgeting process and explore key features.
Before you build a budget
NerdWallet breaks down your spending and shows you ways to save.
Gen X Women On Average Believe They Will Need Over $2 Million to Retire Comfortably – More Than Any Other Group of Women, According to Northwestern Mutual Planning & Progress Study Worried About Wealth: Gen X women report higher levels of financial anxiety about retirement preparedness “Generation Zeal:” Gen Z women plan to retire nine … [Read more…]
Gen X Women On Average Believe They Will Need Over $2 Million to Retire Comfortably – More Than Any Other Group of Women, According to Northwestern Mutual Planning & Progress Study Worried About Wealth: Gen X women report higher levels of financial anxiety about retirement preparedness “Generation Zeal:” Gen Z women plan to retire nine … [Read more…]
A circular home perched on a hillside in Los Altos Hills, California, got a modern makeover that anchored it firmly into the 21st century.
The architecturally distinct, 5,103-square-foot circular house was thoroughly renovated by San Francisco-based practice Feldman Architecture, to extraordinary results.
The extensive remodel brought the house down to its studs, completely rebuilding the geometrically unique structure to make the most of its prime location — on a hillside in Silicon Valley, surrounded by a lush nature reserve.
The end result is a beautiful enhancement of the house’s original form, one that delivered both a refreshed exterior design and inviting, contemporary living spaces that open to the surrounding nature.
Like Fancy Pants Homes’ content? Be sure to follow us on Google News
The owners fell in love with its unique architecture
Photo credit: Adam Rouse / Feldman Architecture
According to the architecture firm, the owners of the Los Altos Hills house fell in love with its quirky architecture and only had a modest remodel in mind for their newly purchased home.
However, after moving in, the need for a more comprehensive renovation soon became apparent. Apart from some dated living spaces, the house also featured low eaves that obstructed access to views.
They hired an award-winning design practice to breathe new life into the 1960s-built home
Photo credit: Adam Rouse / Feldman Architecture
They commissioned Feldman Architecture — an award-winning design practice recognized for creating warm, light-filled spaces that are site-sensitive and carefully crafted — to upgrade the home, now aptly named the Round House.
An extensive remodel transformed the circular house
Photo credit: Adam Rouse / Feldman Architecture
Built in the 1960s, the circular home’s original structure — referred to as the “doughnut house” — had an open-air courtyard in the center.
It “was really interesting and very awkward at the same time,” said Steven Stept, Project Principal. The public living areas faced the private wooded hillside, while bedrooms opened onto sprawling, exposed views of Silicon Valley.
The Round House’s central courtyard was turned into a kitchen with a skylight
Photo credit: Adam Rouse / Feldman Architecture
The original central courtyard, once open to the sky, was turned into the kitchen — fitting for the home’s residents, an aspiring baker and a family of food enthusiasts.
The award-winning kitchen now features a large circular skylight that streams daylight into the space, creating a makeshift sundial that illuminates different sections of custom, curved casework throughout the day.
Contemporary living spaces and an open floorplan define the interiors
Photo credit: Adam Rouse / Feldman Architecture
From the main entrance of the 5,103-square-foot home, visitors can effortlessly progress through the open-plan living room, kitchen, and spacious deck, which now feature a clean, decidedly contemporary design that makes each space more inviting and polished than the last.
Pie-shaped rooms provide privacy
Photo credit: Adam Rouse / Feldman Architecture
A concentric hallway traces the kitchen, leading to discreet pie-shaped rooms carefully arranged to separate private spaces from common areas.
See also: Revisiting The Domestead, a unique geodesic dome house in L.A.
Making the most of its 180-degree views
Photo credit: Adam Rouse / Feldman Architecture
An outdoor deck has been strategically carved out at the intersection of the living room and kitchen – framing sprawling views of the South Bay — which are also observed through the home’s generously sized windows.
They also added a wrap-around walkway to take in the views
Photo credit: Adam Rouse / Feldman Architecture
Not settling for the outdoor deck alone, they also added a wrap-around walkway which provides each of the bedrooms with outdoor access.
Seamless transition to the outdoor areas
Photo credit: Adam Rouse / Feldman Architecture
Tall, curved pocket doors vanish into the walls, creating a seamless indoor-outdoor connection. Meanwhile, outside, curved landscape walls radiate outward and blend into the thoughtfully designed softscape.
A challenging project, executed beautifully
Photo credit: Adam Rouse / Feldman Architecture
Due to the challenges posed by the house’s unusual circular form, the project team had to look for creative solutions at every step of the way.
Since most conventional solutions favor straight geometry, thinking out of the box was central to the renovation project, with the team constantly adapting to the constraints of the unique project.
The team behind the project
Photo credit: Adam Rouse / Feldman Architecture
While Feldman Architecture spearheaded the architecture and interior design aspects of the renovation — with Partner in Charge Stephen Stept and Anjali Iyer, Project Architect at the helm — the Round House’s stellar remodel was a team effort.
Baywest Builders served as the general contractor, Variegated Green handled the landscape design, with Lea + Braze Engineering (civil engineer), BKG Structural Engineers, Romig Engineers Inc. (geotechnical consultant), Tucci Lighting (lighting designer), Urban Tree Management (arborist) also contributing.
More stories
Menlo Park’s priciest home is a masterclass in indoor-outdoor living
Home of the Week: A dramatic Greek Temple-like villa in Berkeley with views worthy of Olympus
A jaw-dropping mid-century modern estate — inspired by Frank Lloyd Wright’s Fallingwater — breaks local record
A circular home perched on a hillside in Los Altos Hills, California, got a modern makeover that anchored it firmly into the 21st century.
The architecturally distinct, 5,103-square-foot circular house was thoroughly renovated by San Francisco-based practice Feldman Architecture, to extraordinary results.
The extensive remodel brought the house down to its studs, completely rebuilding the geometrically unique structure to make the most of its prime location — on a hillside in Silicon Valley, surrounded by a lush nature reserve.
The end result is a beautiful enhancement of the house’s original form, one that delivered both a refreshed exterior design and inviting, contemporary living spaces that open to the surrounding nature.
Like Fancy Pants Homes’ content? Be sure to follow us on Google News
The owners fell in love with its unique architecture
Photo credit: Adam Rouse / Feldman Architecture
According to the architecture firm, the owners of the Los Altos Hills house fell in love with its quirky architecture and only had a modest remodel in mind for their newly purchased home.
However, after moving in, the need for a more comprehensive renovation soon became apparent. Apart from some dated living spaces, the house also featured low eaves that obstructed access to views.
They hired an award-winning design practice to breathe new life into the 1960s-built home
Photo credit: Adam Rouse / Feldman Architecture
They commissioned Feldman Architecture — an award-winning design practice recognized for creating warm, light-filled spaces that are site-sensitive and carefully crafted — to upgrade the home, now aptly named the Round House.
An extensive remodel transformed the circular house
Photo credit: Adam Rouse / Feldman Architecture
Built in the 1960s, the circular home’s original structure — referred to as the “doughnut house” — had an open-air courtyard in the center.
It “was really interesting and very awkward at the same time,” said Steven Stept, Project Principal. The public living areas faced the private wooded hillside, while bedrooms opened onto sprawling, exposed views of Silicon Valley.
The Round House’s central courtyard was turned into a kitchen with a skylight
Photo credit: Adam Rouse / Feldman Architecture
The original central courtyard, once open to the sky, was turned into the kitchen — fitting for the home’s residents, an aspiring baker and a family of food enthusiasts.
The award-winning kitchen now features a large circular skylight that streams daylight into the space, creating a makeshift sundial that illuminates different sections of custom, curved casework throughout the day.
Contemporary living spaces and an open floorplan define the interiors
Photo credit: Adam Rouse / Feldman Architecture
From the main entrance of the 5,103-square-foot home, visitors can effortlessly progress through the open-plan living room, kitchen, and spacious deck, which now feature a clean, decidedly contemporary design that makes each space more inviting and polished than the last.
Pie-shaped rooms provide privacy
Photo credit: Adam Rouse / Feldman Architecture
A concentric hallway traces the kitchen, leading to discreet pie-shaped rooms carefully arranged to separate private spaces from common areas.
See also: Revisiting The Domestead, a unique geodesic dome house in L.A.
Making the most of its 180-degree views
Photo credit: Adam Rouse / Feldman Architecture
An outdoor deck has been strategically carved out at the intersection of the living room and kitchen – framing sprawling views of the South Bay — which are also observed through the home’s generously sized windows.
They also added a wrap-around walkway to take in the views
Photo credit: Adam Rouse / Feldman Architecture
Not settling for the outdoor deck alone, they also added a wrap-around walkway which provides each of the bedrooms with outdoor access.
Seamless transition to the outdoor areas
Photo credit: Adam Rouse / Feldman Architecture
Tall, curved pocket doors vanish into the walls, creating a seamless indoor-outdoor connection. Meanwhile, outside, curved landscape walls radiate outward and blend into the thoughtfully designed softscape.
A challenging project, executed beautifully
Photo credit: Adam Rouse / Feldman Architecture
Due to the challenges posed by the house’s unusual circular form, the project team had to look for creative solutions at every step of the way.
Since most conventional solutions favor straight geometry, thinking out of the box was central to the renovation project, with the team constantly adapting to the constraints of the unique project.
The team behind the project
Photo credit: Adam Rouse / Feldman Architecture
While Feldman Architecture spearheaded the architecture and interior design aspects of the renovation — with Partner in Charge Stephen Stept and Anjali Iyer, Project Architect at the helm — the Round House’s stellar remodel was a team effort.
Baywest Builders served as the general contractor, Variegated Green handled the landscape design, with Lea + Braze Engineering (civil engineer), BKG Structural Engineers, Romig Engineers Inc. (geotechnical consultant), Tucci Lighting (lighting designer), Urban Tree Management (arborist) also contributing.
More stories
Menlo Park’s priciest home is a masterclass in indoor-outdoor living
Home of the Week: A dramatic Greek Temple-like villa in Berkeley with views worthy of Olympus
A jaw-dropping mid-century modern estate — inspired by Frank Lloyd Wright’s Fallingwater — breaks local record
Do you want to learn how to start a travel blog? Starting a travel blog can be a fun journey that combines your love for travel and writing. You have the chance to share your adventures, tips, and personal stories with a wide audience. Starting a blog changed my life. When I began Making Sense…
Do you want to learn how to start a travel blog?
Starting a travel blog can be a fun journey that combines your love for travel and writing. You have the chance to share your adventures, tips, and personal stories with a wide audience.
Starting a blog changed my life. When I began Making Sense of Cents (the blog that you’re reading right now!), I had no idea that sharing my writing would lead to financial freedom and the ability to work from anywhere.
For nearly a decade, I’ve traveled full-time – by RV, sailboat, and plane – and it’s been an incredible way to live. Along the way, I’ve shared my experiences, travel tips, and stories, and it’s allowed me to connect with fellow travelers from all over the world.
Whether you want to turn it into a business, a career, or just a fun hobby, a travel blog lets you connect with other travelers and inspire them to explore new places.
Creating a travel blog doesn’t need to be expensive. With some basic steps, you can set up your blog and start sharing your travel experiences in no time. This guide will help you understand what you need to get started, from choosing a domain name to setting up your website and reaching your first readers.
Quick note: I have a free How To Start A Blog FREE Course you can click here to join. Join over 80,000 people who have already taken the course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
My background with blogging
Over a decade ago, I started my blog, Making Sense of Cents, without much planning. I stumbled upon an article about a blogger and thought it would be fun to share details about my own life. At first, it was just a hobby with no real expectations.
I didn’t even realize you could make money from blogging back then. But around six months in, a blogger friend introduced me to my first advertiser, and I earned $100. That’s when I really started to see the potential.
Since then, my blog has grown far beyond anything I could’ve imagined, and I’ve earned more than $5,000,000 over the years. Blogging completely changed my life, giving me the freedom to work from anywhere.
What kept me going was my genuine love for everything related to blogging but also my love for travel. That passion made it easy to dedicate time and effort to grow the blog into what it is today, because I love running an online business that allows me to travel whenever and wherever I want.
Now, I’m excited to help you start your own blog and find success too.
What is a travel blog?
A travel blog is a website where someone shares their travel experiences, tips, and advice. The person who writes it, called a travel blogger, posts about the places they’ve been, activities they’ve tried, and things they’ve learned.
Many travel bloggers also give recommendations for places to stay, eat, and things to do. It’s a way to inspire and help others plan their own trips.
Travel blogs can focus on topics like budget travel, luxury trips, family vacations, solo adventures, and so much more.
Some examples of topics that a travel blog may cover include:
Destination guides – Detailed information on must-see attractions, hidden gems, and local tips for specific cities, countries, or regions
Travel itineraries – Pre-planned routes for weekend getaways, road trips, or long-term travel, outlining where to go and what to see
Local travel tips – Yes, you don’t need to travel by plane in order to be a travel blogger! You can write articles on things to do in your own town.
Budget travel tips – How to travel affordably, including finding cheap flights, budget accommodations, and saving money on food and activities
Solo travel – Tips and advice for solo travelers, including safety, making friends on the road, and building confidence while traveling alone
Family travel – Tips for traveling with children, including family-friendly destinations, packing lists, and keeping kids entertained (such as listing the top travel toys)
Adventure travel – Guides on activities like hiking, diving, surfing, and more, plus how to plan an adventure-focused trip
Cultural experiences – How to engage with local cultures, learn about traditions, and have authentic travel experiences
Travel gear reviews – Recommendations and reviews for travel gear like backpacks, luggage, cameras, and more
Traveling sustainably – How to reduce your environmental impact while traveling, from eco-friendly accommodations to responsible tourism practices
Travel photography tips – Advice on taking beautiful travel photos, including photography tips, gear recommendations, and photo spots
You can pick one or more of these topics to focus on. When you stick to one or two areas, it does help you become more known as an expert in that field, though.
Recommended reading: What Is A Blog, How Do Blogs Make Money, & More
Who can start a travel blog?
Anyone with a passion for travel can start a travel blog!
You don’t need to be a professional writer or photographer. You also don’t need to be a full-time traveler.
Starting a travel blog is a great way to document your adventures and connect with others. Whether you’re traveling full-time or just on weekends, your travel blog can become a helpful resource for other travelers.
Why should you start a travel blog?
Starting a travel blog has many benefits.
It lets you share your adventures with friends, family, and a worldwide audience.
You can also make money from your blog. If your blog gets popular, you can earn through ads, sponsored posts, or affiliate marketing.
Blogging can help you connect with other travelers. You may meet people who share your interests. This can lead to friendships and collaborations. I have met so many amazing people through my blog, which has been so nice over the years!
Having a travel blog is like having a digital scrapbook because you can look back and remember all of your trips, which I think is absolutely amazing. A travel blog kind of “forces” you to write down your memories and take pictures.
Starting a travel blog can be a fun and rewarding way to combine your love for travel with new skills and opportunities.
How To Start a Travel Blog
Below is how to start a travel blog and make money, step by step!
1. Choose a travel niche
Choosing a niche is the first step in starting a successful travel blog. A niche is a specific topic or focus area for your blog. Picking the right niche helps you stand out and attract readers who are interested in that topic.
Think about what you love most about travel. Do you enjoy food, adventure, or culture? Your niche could be anything from luxury travel to budget trips, or even solo adventures.
Another great idea is to think about who you want to help with your blog. Are you writing for families, couples, or solo travelers?
It’s also smart to see what’s trending. Wildlife travel, romantic getaways, and travel for digital nomads are popular niches right now. Research what’s trending and pick something that excites you.
Once you have your niche, you can create content that matches what your readers are looking for. This way, you make sure your blog is both fun to read and useful.
I recommend starting a self-hosted WordPress blog through Bluehost.
2. Start a self-hosted WordPress blog
To start a travel blog, you’ll need a blogging platform. WordPress is my favorite choice, and it’s what I use for my blog.
WordPress is where you create and manage your blog posts. It’s like the main hub for your blog. You can log in, write new posts, add pictures or links, and publish them for your readers. It’s a simple tool that makes running your blog easy. Plus, one of the best things about WordPress is that you don’t need to know how to code. It’s user-friendly and has lots of ways to customize your blog.
Here are the steps to start a self-hosted WordPress blog:
Get a web hosting service. A popular choice for new bloggers is Bluehost (you can start your own blog for as low as $1.99 per month).
Install WordPress. Most web hosts have a one-click installation to make it as painless as possible.
You can see my full tutorial for this at How To Start A WordPress Blog On Bluehost. There are step-by-step directions included here if you want more detail and/or want to see screenshots of the exact things you should click on.
Plus, if you use my tutorial, you can get the lowest pricing as well as a free domain name!
3. Pick a travel blog name
Deciding on a travel blog name is a big step. You want it to be fun and easy to remember. It’s also good to make it tell what your blog is about.
Here are some more tips:
Think about what makes your travels special. Are you an adventurer, a foodie, or a luxury traveler? Use that in your name.
Using “.com” is the best choice. It’s what most people type first.
Avoid names that are hard to spell or have numbers in them. Simple is best. You don’t want people to get confused or forget your name.
Before you decide, check if the name is available on social media. You’ll want the same name on Facebook, Pinterest, Twitter, Instagram, and other sites.
Take your time and have fun with it. Your blog name is the first thing people see, so make it catchy and memorable.
Don’t forget, you can get your domain name (your blog name) for free when you sign up for Bluehost! Click here to claim your free domain name.
4. Design your blog layout
With a travel blog, your site design is very important.
Your travel blog’s design and layout are important because readers like to see a clean and easy-to-navigate blog design. It makes it easier for them to find what they are looking for, and this helps to keep them on your site longer.
Plus, we’ve all seen a bad site design in the past, and when that happens, usually you don’t stay reading that blog for very long (right?!).
So, your blog design is important because you want readers to continue reading and to even come back in the future!
There are three options for designing your travel blog:
Creating your blog design yourself (DIY such as with paid or free themes)
Paying a blog designer for a custom site design
Buying a premade blog layout – this is what I recommend bloggers do!
Doing it yourself is usually the cheapest, but it can take a lot of time. Paying for a custom site design is usually fairly expensive.
My favorite option – I’m a big fan of simply buying a premade blog design. They are a lot more affordable than a custom design and look amazing. One premade blog design site that I recommend is Restored 316. Restored 316 is super easy to use and they have a lot of great blog design options, especially for travel blogs.
Please click here if you’d like to go the easy way and get an affordable premade blog design (this is what I recommend).
Here’s what my About page looks like.
5. Make important pages for your blog
To make your travel blog successful, start by setting up your main pages. These pages help your readers easily navigate your site.
Your important pages should include:
Homepage – This is the first impression visitors get of your blog. A clear and organized homepage helps readers quickly understand what your blog is about. Clearly state what your blog focuses on, such as destinations, travel tips, or itineraries, and provide links to your main sections.
About page – Share your story here and explain who you are, why you started traveling, and what kind of travel experiences you write about.
Contact page – Make it easy for readers, tourism boards, or brands to reach you by listing your email address.
Privacy Policy page – Outline how you collect and use data, especially if you collect any personal information. For legal templates, you can search for these online or buy a premade privacy policy here.
Disclosure page – If you earn money through affiliate links, sponsored trips, or partnerships, you need to be transparent about it.
6. Start social media accounts for your travel blog
Creating social media accounts can be super helpful for growing your travel blog.
Social media allows you to share your pictures, travel tips, and stories, making it easier for people to find your blog and follow your adventures.
Social media is especially helpful for a travel blog because it allows you to reach a larger audience and engage with readers in real time. Posting pictures and videos of your trips on Instagram or TikTok, for example, can inspire people to visit your blog for more detailed itineraries and travel advice.
The social media platforms you can start include:
Facebook
Pinterest
Instagram
Twitter
TikTok
You don’t have to be active on all of them, but claiming your blog name on each platform is a smart move to keep your brand name consistent. Then, I also recommend adding social media buttons to your blog so that readers can find you on social media from your blog.
7. Create a blog post plan
A blog content plan is a simple way to organize what you’ll write and post on your blog.
It helps you stay on track and reach your goals, like getting more readers or making more sales.
A good content plan includes a list of topics, post titles, when to publish, and the goal of each post (like promoting something or helping your readers).
It can also include keywords, picture ideas, and how you’ll share your posts. It’s basically a guide to keep your blog running smoothly and growing.
Your travel blog content plan doesn’t need to be complicated, though. It can be as simple as a list of trips or destinations you want to write about. How detailed you make it is up to you.
Here are some blog post ideas for a travel blog content plan:
10 Budget Travel Tips for Exploring the World
How To Plan the Perfect Weekend Getaway
How To Travel Abroad for the First Time: A Beginner’s Guide
Top 5 Must-Have Travel Apps You Need
How To Pack Light for a Two-Week Trip
How To Find Cheap Flights and Save Money on Airfare
10 Underrated Travel Destinations You Should Visit
Best Travel Hacks for Families with Kids
Top 5 Beach Destinations for a Relaxing Vacation
How To Travel Full-Time and Make Money on the Road
8. Write your first post
Writing your first post can be exciting and a bit scary. I think pretty much every blogger is a little nervous to share their first blog post – this is completely normal.
Here are some things to think about when writing a blog post:
You can easily start with an introduction. Tell your readers who you are and what your blog is about, and share a bit about why you love to travel.
After the introduction, get into the main content of your post. Share your travel experiences, tips, or plans.
Divide your post into short paragraphs because this makes it easier to read. Use bullet points or numbered lists to break up the text.
I also recommend that you include photos to make your post more appealing. Pictures of your travels can help bring your story to life. It is a travel blog after all, so readers most likely want to see pictures!
Then, I recommend that you end your blog post with a call to action. Ask your readers to leave comments or share your post with their friends.
Remember to proofread your post before publishing.
9. Find ways to make money with your travel blog
You can make money from your travel blog in many ways, such as:
Placing ads on your blog. Companies will pay you to show their banners or links. This can be a good way to earn an income.
Affiliate marketing is another great option. You can recommend travel gear, hotels, or tours and get a commission for every sale made through your links. It’s a win-win for both you and your readers. I have a free ebook to learn more – Affiliate Marketing Tips For Bloggers.
Sponsored posts can bring in extra money too. Brands might pay you to write about their products or services.
Selling digital products like travel guides or ebooks can also be profitable.
You could also sell paid memberships. Members could get access to exclusive content, special travel deals, or even a personal Q&A session with you.
Running webinars or online courses about travel planning can help you earn money. People love learning and are willing to pay for good advice.
Don’t forget about social media. You can get paid for sponsored posts or partnerships on platforms like Instagram and YouTube.
Freelance travel blog writing – There are websites, such as larger travel blogs, that will pay for content as well.
10. How to grow a travel blog
To get readers to your travel blog, you need to promote it.
Here are some ways to get pageviews on your blog:
Share your travel posts and photos on social media platforms like Facebook, Pinterest, and Instagram.
Guest post on other travel blogs. This can introduce you to new readers who are interested in travel.
Email marketing is one of my favorite ways to grow a blog. You can persuade readers to subscribe to your newsletter and send them updates and new travel posts regularly. If you are looking for a way to send newsletters or emails to your readers, I recommend Convertkit.
Use search engine optimization (SEO) techniques to help your blog appear in search results when people look for travel tips or destinations.
Create helpful video content: Many travelers love visual content, so creating travel vlogs or short clips on YouTube, Instagram, or TikTok can bring traffic to your blog.
Create downloadable resources. Useful resources like packing checklists, travel itineraries, or budget travel guides can get more readers to your blog.
My favorite guide that teaches many different strategies to grow your pageviews is 21 Strategies I Used to Increase My Monthly Page Views from 17k to 400k+ in 10 Months. If you are a new blogger, check out this resource! The author went from 17,000 monthly pageviews to 400,000 and shares all of her best tips in this guide.
Frequently Asked Questions
Starting a travel blog can be exciting and rewarding. Many people are curious about how to get started, the costs involved, and if it’s possible to make money. Here are some common questions about making money with travel blogging.
Do travel bloggers make money?
Yes, travel bloggers can make money. Many travel bloggers earn income through advertisements, affiliate marketing, sponsored posts, and selling products or services. Of course, not every travel blogger makes money, but some do.
How much does it cost to start a travel blog?
Starting a travel blog can be affordable. Here are some common expenses:
Domain name: About $10 to $15 per year
Web hosting: Around $3 to $10 per month
Initial costs can range from $50 to a few hundred dollars. You’ll spend more if you get a custom design or pay for freelance writers, though, of course.
Is travel blogging easy?
Travel blogging can be exciting but takes a lot of hard work when it comes to writing, photography, and social media. It involves:
Creating regular, high-quality posts
Promoting content on social media
Engaging with readers and other bloggers
It requires passion and dedication, but many find it rewarding.
What are the disadvantages of being a travel blogger?
While travel blogging has perks, there are challenges too, such as inconsistent income (earnings can vary month to month); it can be time-consuming (creating content and maintaining a blog takes a lot of time); it can lead to travel stress (constant travel can be exhausting); and privacy concerns (sharing personal experiences can sometimes feel invasive).
Who are the most popular travel bloggers?
Many successful travel bloggers have become well-known. Some of these include Nomadic Matt, Anna Everywhere, The Blonde Abroad, Expert Vagabond, Adventurous Kate, The Points Guy, Y Travel Blog, and Jessie on a Journey. There are many more travel bloggers, and then there are also travel Instagrammers, travel YouTubers, and more!
How To Start a Travel Blog – Summary
I hope you enjoyed this article on how to start a travel blog and make money.
I’ve been running this blog that you’re reading for quite some time now, and it’s one of the best decisions that I’ve ever made.
If you are thinking about starting a blog, I highly recommend trying it out! It can be done relatively affordably and all from home, so I think it’s worth the try.
Starting a travel blog is a fun way to share your adventures and connect with fellow travelers around the world. When I first began blogging, I had no idea it would lead to me being able to earn a full-time income and allow me to travel full-time. Whether you’re looking to turn it into a career or just want to share your travel tips and stories, creating a travel blog can open up new opportunities to explore the world and inspire others to do the same.
Reminder: I have a free How To Start A Blog FREE Course you can click here to join. Join over 80,000 people who have already taken the course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
You’ve heard a lot of campaign promises this election cycle, but the ones most directly impact your finances are tax cuts and credits.
Expand the Child Tax Credit.
Tax the wealthiest Americans and corporations.
Expand the tax deduction for new small businesses.
Expand the earned income tax credit.
Expand and make permanent the tax credit enhancements for Affordable Care Act plans.
Tax cuts that incentivize home builders to build affordable homes.
Extend the soon-to-expire 2017 Tax Cuts and Jobs Act.
End taxes on overtime and Social Security.
Applying across-the-board tariffs on all foreign imports; 60% on China; and 100% tariffs on cars made in Mexico.
Lower the corporate tax rate by one point to 20%. In his first term, he cut corporate tax rates from 35% to 21%.
Implement R&D tax credits for businesses in their first year — a reversal of his policy in the 2017 tax cuts.
Replace income taxes with his new import tariffs.
The undercurrent during the election is the looming expiration of 2017 tax cuts at the end of 2025. Garrett Watson, senior policy analyst with the Tax Foundation (a nonpartisan think tank), says the uncertainty of the future of those cuts is a big problem for both candidates.
“It would be a win to get some stability and certainty back into the tax code there, to get the permanence, even if it’s not necessarily what everyone wants, that would be a win,” says Watson. “The fact that we are seeing interest on the Hill for both candidates to do that would be a win. But I mean, that does really require more detail on how that might work.”
As far as how the candidates are tackling all aspects of tax code, Amy Hanauer, executive director of the left-leaning think tank Institute on Taxation and Economic Policy, says, “The big picture is the Harris approach raises more revenue; it raises it primarily from the wealthiest and corporations. The Trump approach puts us deeper in debt and gives a lot more away to wealthy people and corporations. Both of them, I think, have some proposals that would help middle class families on the tax side. But the Harris approach gives us more revenue to pay for things that middle class families might want.”
Most, if not all, of the candidates’ proposals would have to go through Congress before being enacted. The executive branch technically has the “power to tax,” but presidents rarely exercise that authority. Typically, the president will ask Congress to create and pass tax policies. With a divided Congress, it’s unclear what might have bipartisan appeal.
How would Trump and Harris’ tax plans affect the economy?
It’s highly unlikely that every tax proposal a candidate makes on the campaign trail will see the light of day. Nevertheless, available projections show what the anticipated outcome would be if all of the candidates’ proposals were adopted.
An analysis of both candidates’ tax plans by the University of Pennsylvania Wharton School projects that Harris’ tax proposals would increase primary budget deficits by more than $1.2 trillion on net from 2025 to 2034. Trump’s tax proposals would increase deficits by $5.8 trillion over the same 10-year period.
Nerd out on investing news
A NerdWallet account is the smartest way to see the latest financial news and what it means for your wallet.
On the whole, an analysis by the Tax Foundation says Harris’ plans would raise nearly $1.7 trillion in revenue over 10 years. During that time period GDP is projected to decline by 2%; wages would decline by 1.2%; and the equivalent of 786,000 full-time jobs would be lost.
The Tax Foundation says that Trump’s tax plans would lose revenue by $1.325 trillion over 10 years; GDP would decline by 0.2%; wages would increase 0.6%; and the equivalent of 387,000 full-time jobs would be lost.
Watson says it’s still unclear how Harris raises enough revenue to offset her tax cut plans, especially if she extends the 2017 tax cuts (her stance is not yet known). “Something that is easy to say is, ‘We’ll just cut all this money from high earners. Most Americans don’t pay a dime and we’ll get this all covered.’ That might be true on some margin, depending on how that works out.”
He adds, “It would be good to know what those offsets might look like so that we can figure out what their total fiscal costs would be, and what the actual tradeoffs are for Americans.”
As for Trump, Hanauer says, “He’s kind of looking to just intensify his previous approach, which is expensive tax cuts that definitely add to the deficit and the debt. And then tax cuts that go primarily to wealthy people and corporations,” she says. “He’s floated some other things and his vice presidential candidate has floated some other things. But in terms of concrete things, on paper, it’s a little bit more of the same.”
Tax plans: Harris vs. Trump
Here are some of the major tax changes that the candidates promise to deliver.
Individual income taxes and credits
Harris has pledged several taxes that would fall on the wealthiest Americans including increasing the net investment income tax up to 5% on those with incomes above $400,000 and increasing the highest tax rate on long-term capital gains to 28% on taxable income above $1 million. The Committee for a Responsible Budget, a nonpartisan think tank, estimates that the revenue from Harris’ taxes on the wealthy would be $900 billion over the period between fiscal year 2026 to fiscal year 2035.
For families, she also promises to expand the child tax credit: $6,000 for children under the age of 1; $3,600 for children ages 2-5; and $3,000 for older children. Hanuer says child tax credits are a big win for all families, especially for children being raised in poverty. “We know that that’s just a crucial time of life when kids will be better off for the rest of their lives if they’re raised in lower poverty,” she adds.
Additional policies include:
Permanently extend expanded premium tax credits.
No tax on tips.
Make expiring individual income tax cuts permanent.
Restore the cap on the State and Local Tax (SALT) deduction that allows taxpayers to reduce their federally taxable income by itemizing certain local and state taxes. It would be a reversal of Trump’s past position, since he was responsible for capping the deduction at $10,000.
No tax on overtime work. The Tax Foundation says the proposal is missing key details, but would reduce revenue. It would also likely change decisions that both employers and employees make about overtime.
No tax on tips.
Consider replacing the personal income tax with increased tariffs. Trump has proposed 10% to 20% tariffs applied across-the-board and 60% for China. See more on the potential impacts of his tariffs below.
Trump’s vice presidential pick JD Vance said he supports increasing the child tax credit to $5,000. On the campaign trail, Trump said parents of newborns would be able to deduct “major” expenses, but did not elaborate on what that entailed.
How Harris and Trump want to battle inflation and lower prices
Both presidential candidates are promising to give people what they want: to pay less money for most everything.
But whether Trump or Harris are capable of lowering prices is debatable. Experts say presidents aren’t usually the primary drivers of inflation in the economy; monetary policy has a much greater impact, as do fluctuations in the supply chain and good old-fashioned consumer demand. Read more about the candidates’ plans to lower prices.
Medicare and Social Security taxes
Harris has said she supports a Biden-proposed measure that would increase the Medicare tax from 3.8% to 5% on those with incomes above $400,000. This additional Medicare tax is only paid by high-income earners. Revenue is used to fund Medicare. The Tax Foundation estimates it would lead to a slight reduction in GDP, wages and full-time jobs. Watson says that adopting the 5% surtax for Medicare would help the Medicare trust fund’s solvency, at least “a bit,” but doesn’t address the Social Security side.
Trump, meanwhile, has floated eliminating the income tax on Social Security benefits altogether. Hanauer says Trump’s proposal would lower taxes by $550 on average, per household, but at the expense of the Social Security fund.
Social Security is taxed differently than other income. Currently, those who withdraw Social Security benefits must pay taxes on 50%-80% of their benefits, depending on income. Any income tax revenue from taxed income above a threshold amount ($25,000 for an individual or $32,000 for a married couple filing jointly) goes into the Social Security trust fund, which keeps the program running. But the Tax Foundation says that if Social Security is no longer taxed, it would reduce revenue going to Medicare and Social Security trust funds, which could speed up the funds’ insolvency.
The Social Security Administration projects that the combined trust funds are expected to run out as of 2035. Watson says, “Trump trying to exempt security income from tax puts us in exactly the wrong direction.” He adds that Harris’ lack of a detailed plan for Social Security presents a challenge as the U.S. inches closer to the trust funds being exhausted.
Tax Cuts and Jobs Act
The 2017 Tax Cuts and Jobs Act, a major revamp of the individual income and estate tax codes made under the Trump administration, is set to expire after 2025. The deadline means that whoever is elected will need to make a decision on what to do with the existing provisions. Trump has endorsed extending expiring provisions, while Harris has not been clear about what she would do.
During the campaign, Trump has said he would:
Make expiring individual income tax cuts permanent.
Consider replacing personal income taxes with tariffs.
The expiring Tax Cuts and Jobs Act delivered large tax cuts to those in the top 1% of earners — those earning above $800,000 a year. Hanauer says making the cuts permanent would “cut into revenue that could otherwise maybe be providing those larger child tax credits for middle income Americans and poor Americans, or that could be being used to reduce the national debt or to fund something new like child care or health care or infrastructure.”
The Tax Policy Center, a joint project of the think tanks Urban Institute and Brookings Institution, projected in 2017 that Trump tax cuts would most benefit the most wealthy. The Tax Policy Center’s models in 2017 showed that households with income in the top 1% are projected to receive a more than $60,000 tax cut in 2025 while households in the bottom 60% are expected to receive less than $500.
The Center on Budget and Policy Priorities (CBPP) said in a June 13 analysis, that the Tax Cuts and Jobs Act did not deliver the economic benefits that Trump promised. Among those promises was a claim that the corporate tax rate cut would boost household income by $4,000. The CBPP points to research showing that workers who earned less than $114,000 on average in 2016 didn’t see changes to their earnings, while high salaried workers saw increases.
Business taxes
Increase the corporate income tax rate from the current rate of 21% to 28%. The 21% rate was put in place by the 2017 Tax Cuts and Jobs Act. Higher corporate income taxes would mean a decline in economic growth, according to the Tax Foundation. It also means higher revenue for tax-funded programs. The Tax Foundation says corporate taxes lead to more GDP loss than gain in revenue. Wharton’s analysis projects that Harris’ corporate tax rate would bring in $1.1 trillion in new revenue, which would offset just under half of her tax cut proposals.
Increase the stock buyback tax from 1% to 4%.
Create a minimum tax of 25% on both realized and unrealized income — also known as capital gains — for those earning above $100 million. Capital gains would also be taxed at death.
Hanauer says increasing taxes on wealthy people and corporations is something most Americans want. “We have a lot of needs in this country,” she says. “A lot of corporations just pay far, far too little in taxes. There are corporations out there, large, profitable corporations that pay a tax rate of zero because of the deductions and things that they’re able to get away with and then support very wealthy individuals, too.”
For small businesses, Harris would increase the deduction for business startup costs from $5,000 to $50,000. Hanauer says it’s unlikely to be as effective as it sounds because many new businesses don’t earn enough to pay taxes so it would take time for businesses to become profitable before they can even claim the deduction. “We just don’t think that that makes as much sense as some other approaches,” she says.
Lower the corporate income tax rate from 21% to 20%.
Lower the corporate income tax rate to 15% for companies that manufacture products in the U.S.
Tax large private university endowments.
Hanauer says the corporate income tax proposals aren’t well-targeted; would increase income and racial inequality; and would send a “massive windfall” of $0.40 of every dollar to foreign investors because those investors own 40% of corporate stocks.
“It would really cost us a lot in revenue, which could reduce the ability of either party to execute on their spending priorities,” she says.
Trump and Harris embrace no-tax-on-tips, experts say it’s bad policy
Both presidential candidates are embracing the promise to exempt workers from paying taxes on their tips. But the problem with no-tax-on-tips proposals, experts say, is that they’re clearly a bid for votes rather than a substantive solution to address the fundamental needs of tipped workers.
Housing-related taxes
Harris plans to expand housing tax credits including a low-income housing tax credit; a credit for the construction of new homes; and a 25,000 credit for first-time homebuyers plus an even bigger amount for first-generation homebuyers. Trump hasn’t spoken to housing taxes.
Harris has pledged to cut red tape to increase construction of new housing, but it’s unclear how that would work from a federal level when most housing red tape is at the local level. Hanauer says new housing is going to be key to her tax credits being an effective policy. “If you just give a tax credit to new homebuyers, it could end up driving up the cost of housing,” she says.
A Wharton’s analysis of Harris’ tax proposals projects that 1.4 million homebuyers annually would benefit from down payment assistance. It would cost the U.S. $140 billion over 10 years.
Tariffs
One of Trump’s most controversial economic proposals is his plan to enact 10% or 20% across-the-board tariffs on foreign imports with a 60% tariff on China. Harris has not taken a position on tariffs, but the Biden-Harris administration did maintain the tariffs instituted by the Trump administration.
The Tax Foundation estimates that Trump’s tariff proposals could fail to offset tax revenue losses from his tax cuts. The foundation also says the tariffs could offset the potential economic benefits of those proposals resulting in a reduction in GDP growth. The tariffs could also lead to a rise in the deficit over time and, as a result, a reduction in American income. The foundation also says the tariffs could potentially spark or deepen foreign trade wars.
Hanauer says the Center for Tax Policy finds that Trump’s tariffs would cost the typical household $2,600 per year in price increases. “So it’s a substantial hit to families and it manifests itself much in the way that inflation does,” she says. “Basically every product that every household buys would end up costing more, with the net result at the end of the year being that families would end up paying about $2,600 more in household goods.”
Photos by Spencer Platt and Win McNamee/Getty Images News via Getty Images.
Northwestern Mutual to Award Record $8.2 Billion Dividend to Policyowners in 2025 Payout is expected to be the industry’s largest and more than triple the size of Northwestern Mutual’s nearest competitor Company’s legacy of returning value to policyowners stretches back more than 150 years and totals more than $160 billion MILWAUKEE, Oct. 1, 2024 /PRNewswire/ — … [Read more…]