FoundersCard, a membership community offering exclusive perks and discounts on travel, business expenses, entertainment and shopping, charges $595 per year for a standard membership. It’s marketed as a VIP pass for entrepreneurs and business executives. But to me, it felt less like a VIP pass and more like a coupon book that takes significant effort to use.
Although FoundersCard sounds like a credit card, it isn’t one. It’s a membership program that gives you elite status to certain airline and hotel brands and access to several discounts, plus business perks like members-only networking opportunities. Unlike the premium credit cards it competes with, you won’t earn a sign-up bonus or ongoing rewards with each purchase. And, notably, it doesn’t come with complimentary lounge access, a benefit travelers often use to justify the price of premium cards.
FoundersCard could be worthwhile for business owners wanting to take advantage of the business-specific benefits or loyalists of some of the participating airlines who spend upwards of $3,500 a year on flights. And if you can access membership for free (like I did) or at a discounted price, it might be a good deal. But at full price, it’s not a good value for most travelers.
What FoundersCard costs
FoundersCard has two membership levels:
Standard: $595 a year.
Elite: $995 per year.
It’s relatively easy to find promotions to test out the program before you pay. As of September 2024, you could receive a six-month free trial through the FoundersCard website. I received a free year of the Standard membership through my Clear membership.
Depending on how you sign up, you may have access to a different rate. For example, I was offered a renewal rate of $395 for the standard membership.
My experience
Once I filled out the application form for FoundersCard, I received an email stating that the membership board would look over my application and get back to me in one to three business days if I was approved. I received my approval email a little less than 24 hours later.
If you decide to accept a membership, you’ll need to provide your credit card information, but you won’t be charged until your trial period ends.
You can’t see the program’s full benefits until you’re approved. Once you are, you’re met with a dizzying amount of discounts, perks and elite status benefits. Here are some things you can expect:
Up to 16% off flights through United Airlines, Alaska Airlines, Virgin Atlantic, British Airways, Etihad Airways, Singapore Airlines, Qantas and Qatar Airways.
Elite status with Marriott Bonvoy (Platinum status), Hilton Honors (Gold status), IHG (Gold status), Omni (Champion status), Sonesta (Gold status), Virgin Atlantic (Silver status), Hertz, Avis and Sixt.
Discounts on select hotels.
Preferred pricing at sporting events, concerts and plays.
Discounts at select retail stores, like Adidas, Mr Porter and COS.
Preferred pricing on gym memberships through Equinox, Crunch Fitness, SoulCycle and CorePower Yoga.
Preferred pricing on electronics through Dell, Apple and Lenovo.
Discounts and credits on business services, like Amazon Web Services, Google Workspace, Stripe, Square and Hubspot.
Discounts on memberships and daily passes at select coworking spaces.
Up to 15% off select phone plans through AT&T.
Some of these benefits can be extremely valuable, especially if you have expenses that match what FoundersCard offers. Others are similar to deals you might get on $0-annual-fee credit cards.
🤓Nerdy Tip
Some of FoundersCard discounts will be automatically applied to your purchase once you click through the link on FoundersCard’s website. But you may need to provide a promo code to receive a discount, which you’ll find once you click on specific benefits.
What I like
As an avid credit card user, I was pleasantly surprised to find perks through FoundersCard that are harder to find on credit cards. Here are a couple of my favorites:
Up to 16% off United Airlines flights
United Airlines is rarely my first choice of airline, but since I live near a United hub, it’s often the best option. So that potential 16% discount on flights would be significant for me. It’s important to note, though, that you’ll only get this discount once you pay for a Standard membership. The trial period I currently have doesn’t come with this offer.
If you pay full price for the Standard membership, you’d need to spend over $3,700 on United flights each year to break even, which is more than most people will spend. But even if it doesn’t cover the entire cost of a membership, it can cover a significant chunk for travelers who often fly United.
Keep in mind the math doesn’t apply to every participating airline with a discount. The discount varies by airline, so you might have to spend even more to break even if you’re a devoted Alaska Airlines flyer (which only has a 5% discount) or British Airways flyer (which only has an up to 10% discount).
Cheaper stays at smaller hotel brands
Don’t get me wrong: I love my hotel rewards. But sometimes it’s nice to stay at a boutique hotel that isn’t connected to a large hotel chain. FoundersCard gives you deep discounts at over 500 hotels, many of them smaller chains. You can often find 20% discounts, and several hotels even waive resort fees.
Up to 15% off Hyatt stays through Hyatt Leverage
FoundersCard gives you automatic Hyatt Leverage, a program designed for small businesses that gives participants up to 15% off qualifying stays. Anyone can sign up for Hyatt Leverage, but if you (or your employees) don’t stay at least 50 nights per year, you could get removed from the program. With FoundersCard, there’s no such requirement. Because of Hyatt’s small footprint, I don’t stay at the brand often. But a 15% discount definitely makes me seek out Hyatt hotels when it’s available.
What I don’t like
Airport lounge access isn’t free
FoundersCard will get you into No1, Plaza Premium and The Club lounges for up to 20% cheaper than the general public pays. That’s not nothing. But considering the price of a membership that touts its premium travel benefits, I’d expect to sip cocktails in a free airport lounge.
Many credit cards — some with significantly lower annual fees — get you into airport lounges at no additional cost. For example, the $395-annual-fee Capital One Venture X Rewards Credit Card comes with access to Capital One lounges, Priority Pass lounges and Plaza Premium lounges. Even the United℠ Explorer Card, which has an annual fee of $0 intro for the first year, then $95, comes with two free day passes to United Clubs.
Low levels of elite status
FoundersCard offers automatic elite status for several hotels and rental car companies. This is a nice perk, but many hotel credit cards also offer an equivalent or higher level of elite status for a much lower price. For example: My $99-annual-fee IHG One Rewards Premier Credit Card gives me Platinum Elite status for IHG. FoundersCard only comes with Gold.
Lack of transparency
FoundersCard doesn’t provide any meaningful information to prospective members. Sure, it’s relatively easy to get a free trial, but it would be nice to know what you’re signing up for — before you have to provide your credit card information.
Even with my free membership, I can’t view key information that would influence my decision to renew my membership or upgrade to the Elite level. Up to 16% off United flights is a major perk. But I can’t see what the “up to” entails without paying. If I could guarantee 16% off all United flights, it would definitely influence my decision to renew my membership. But what if this rate only applies to certain routes or certain classes? The actual benefit could be much less valuable than I’d hope for.
Inconsistent entertainment discounts
FoundersCard sometimes offers event tickets at a discounted rate. While a great perk, it wouldn’t be a selling point for me.
In September 2024, I looked at tickets to a Texas Rangers baseball game, several broadway shows and a Taylor Swift concert. The Rangers tickets were roughly half the price through FoundersCard. The Broadway shows were the same price or even more than booking through Broadway.com. And Taylor Swift tickets were selling for a whopping $2,000 more than you could book on SeatGeek.
For people who can justify the cost of FoundersCard, potential savings on entertainment is a nice addition. But for the price, I’d expect more guaranteed savings on this spending.
Calculating your potential value is complicated
Unlike many premium credit cards, FoundersCard doesn’t come with statement credits to help you cover the cost of the annual fee. You could luck out and score a great deal on a hotel room or a couple of first class flights to cover the annual fee. But if not, you’ll likely need to add up small, individual savings throughout the year and hope the value outweighs the cost.
Even the $695 annual fee on The Platinum Card® from American Express is easier for me to justify (see rates and fees). The Platinum Card® from American Express comes with complimentary lounge access, which gets me into Centurion Lounges, Priority Pass lounges and Plaza Premium lounges, and it offers the same level of Hilton elite status (enrollment required). Terms apply.
On top of that, it’s easy to calculate the value of the other benefits. I recoup $640 each year with expenses I’m already going to make by taking advantage of three main statement credits:
$200 airline incidentals fee credit.
$200 Uber credit.
$240 entertainment credit.
Terms apply.
That leaves just $55 to make up throughout the year — significantly less than the $395 (or $995) I’d need to justify with FoundersCard.
Is FoundersCard worth it?
If you can find a free trial, it’s worth opening an account to try out the benefits. Business owners will probably get the most use out of the membership, but most travelers would probably be better off applying for a credit card with rewards and perks that match their lifestyle.
To view rates and fees of The Platinum Card® from American Express, see this page.
Fall in Portland, Maine is a spectacular experience, filled with vibrant colors and a host of activities. September to October is the best time of year to enjoy the magic of fall in Portland, from the scenic coastal views to fun downtown festivities. Stroll through the charming streets of the Old Port, where you can explore local shops and enjoy seasonal treats at cozy cafes. Don’t miss the chance to visit nearby orchards for apple picking or take in breathtaking views on a scenic drive. With local festivals celebrating food, art, and community, there’s fall things to do in Portland, ME for everyone to enjoy.
Whether you’re searching for a house to rent in Portland, ME, an apartment to call home, or ready to purchase your first home in the city, , this city has so much to offer. Let’s explore 15 fall things to do in Portland, ME, where pops of color and cozy vibes create the perfect backdrop for autumn and give you a taste of why Portland is a good place to live.
1. Pop some tags at the local thrift shops
The community around thrift and vintage shopping in Portland is eclectic and supportive, hosting regular events like swap meets and pop-up markets. Whether you’re hunting for a vintage vinyl record, mid-century furniture, or stand-out fashion statements, you’ll be sure to find something unique at one of Portland’s thrift stores.
“One of my favorite things about Portland is the amount of thrift and vintage shops we have,” shares local photographer Shado of Shado of a Rose Photography. “All within a 10-minute walk you could get incredible vinyl at Moody Lords, find that new sweater you need for fall at Material Objects, or pick up a retro video game/movie poster from Electric Buddhas.”
And, if you’ve worked up an appetite while thrifting, Shado has you covered. ”If you’re in the mood for some food just pop over to Exchange street a few blocks away. Whether you’re getting incredible chicken from Crispy Gai, eating $1 oysters on a Wednesday night at Blyth and Burrows, or having dessert at Gorgeous Gelato, you really can’t go wrong when going out in the Old Port.”
2. Admire the fall foliage in Portland
Whether you’re walking, biking, or simply taking a drive, enjoying the fall foliage in and around Portland is a perfect way to experience the changing of the seasons. The contrast of the colorful foliage with the historic architecture and coastal scenery creates a picturesque setting that feels like a scene from a postcard.
Fall colors around town
“This small East Coast city, with its cozy New England town feel, offers a little bit of something for those wanting to feel at home or someone seeking a temporary home base to do some leaf-peeping in Maine during the fall season,” describes local Portland author Marpheen Chann.
One of the best ways to experience the fall foliage in Portland is by exploring the many parks and waterfront areas. “A walk or bike ride on smooth trails can take you around Back Cove, where you can get a quality photo of Downtown Portland from across the water at Payson Park. Continue your day at Portland’s Eastern Promenade, the perfect place for a picnic with scenic views of Casco Bay and its islands,” Chann shares.
Catch a train
You can also relax into a scenic tour of the fall foliage by hopping on the Maine Narrow Gauge. “From your comfortable seat on the historic train, take in the dazzling colors of autumn, set against the backdrop of Casco Bay. You’ll hear all about Portland’s history and learn about local landmarks from onboard narration,” describes Matt Levy, general manager of the Maine Narrow Gauge Railroad. You can also get special Pumpkin Train tickets for the last two weeks of October, and continue the fun into the holiday season with a Polar Express themed train ride.
Finish the day
Hungry after a day of exploring fall in Portland? “Experience some of Portland’s iconic and diverse restaurants without the summer crowds with Cambodian-Chinese eats at Oun Lidos on Market Street,” recommends Chann. “If you’re looking for a good spot for a drink or a casual date, pickup where you left off with a friend or a book at Novel on Congress Street or snag some downtown views high up at the Top of the East on High Street.”
Whether you’re walking around town or getting into the countryside, experiencing the fall colors in Portland is an autumn must-do – finished off with great food, of course.
3. Wander the picturesque streets of Portland
“Portland in the Fall is magical,” gushes Adria Moynihan Rusk, a painter at Still Life Studio in Portland. “You’ll skip the rush of summer tourists while being here at the most picturesque time of year. Check out the Old Port and Bayside neighborhoods to find a unique selection of local shops and breweries.”
Old Port
Portland’s neighborhoods offer a mix of maritime heritage and urban appeal, inviting you to spend your autumn days wandering their streets. “Fall is a perfect time to explore Portland,” agrees Sierra Bisson, author of the travel blog The Ocean Drifter. “Walk around the cobblestone streets of the Old Port, where you’ll find great shopping and amazing restaurants.”
Charming lanes and narrow alleys wind through the Old Port, where brick buildings house eclectic shops, art galleries, and cozy restaurants. “When you’re in the area, make sure to stop by must-try spots like Duckfat and Taco Escobarr,” Bisson continues. “If you’re in the mood for some nightlife, swing by Bonfire for a fun evening with a great atmosphere and drinks.”
The Waterfront
If you’re looking for places to stop by on your stroll, Rusk is full of suggestions. “Grab a latte at Bard Coffee and walk down Commercial Street to people-watch along the waterfront,” she shares. “Take the fairy out to Peak’s Island and back, and then head to Washington Avenue for a hot bowl of Pho Ga at Cong Tu Bot. Don’t forget to try the potato donuts at the Holy Donut.”
To finish off your day of exploring Portland in the fall, Rusk recommends, “Find a park bench on the East End promenade and watch the boat traffic skip across Casco Bay. It’s hard to do it wrong, so make an adventure of it.”
4. Warm your insides with local beer tasting
Portland, ME’s craft beer scene is renowned for its creativity, quality, and variety, making it one of the top destinations for beer lovers in the country. The city boasts a high concentration of breweries, from long standing favorites like Allagash Brewing Company to newer, experimental breweries like Bissell Brothers. Many breweries are located in Portland’s industrial areas and waterfront, offering taprooms where guests can sample a range of styles, from hoppy IPAs and smooth stouts to crisp lagers and sour ales.
“You absolutely have to check out at least one of the local breweries – Portland is known for its craft beer scene,” confirms Bisson of The Ocean Drifter blog.
Must-visit breweries
“Fall in Portland isn’t complete without attending Oktoberfest at one, or more, of the city’s great breweries,” seconds local tech expert and beverage connoisseur Dan DeSimone. “I especially like Belleflower, which is walking distance from a number of other breweries like Austin Street and Rising Tide. Tandem Coffee is right down the street too if you’re in the mood for a latte break (pumpkin spice optional) between beers.”
The East Bayside is another area that is renowned for its breweries, with local chocolate shop Dean’s Sweets offering the perfect neighborhood map to plan out your day of beverage sampling. “The East Bayside is one of the fastest-changing neighborhoods in Portland, ME,” reveals Kristin from Dean’s Sweets. “There are spirit makers, food trucks, hard seltzer, and cider right alongside the many breweries and wineries. And of course, chocolate at Dean’s Sweets, for those who want a gift for others or a nibble for yourself,” she laughs.
Join a beer tour for a unique beer-tasting experience
For a fun way to spend fall in Portland and sample the craft beer scene, consider a beer tour. “Join the Maine Brews Cruise for a cozy, festive journey through Maine’s craft alcohol scene amidst the backdrop of stunning fall foliage,” shares the Maine Brews Cruise team.
With options of a guided walk through the streets of Portland or having your own designated driver on a tour bus, the Maine Brews Cruise is perfect for those who enjoy a snug atmosphere while exploring local breweries, distilleries, and wineries. “With expert guides and a warm setting, you can learn, taste, and toast to the season – flannel attire recommended for the full autumn experience,” says the team.
You can also embrace Portland’s coastal vibe with a beer and boat tour through SeaPortland. “For those eager to experience Portland’s crisp fall beauty and rich history, SeaPortland provides exclusive tours that combine sightseeing with local brew tastings,” describes the crew. “You can explore historic Fort Scammel or enjoy a Harbor Cruise, where the vibrant fall colors enhance the flavor of each locally brewed beer. These 90-minute tours promise a blend of good vibes and spectacular sights, ideal for anyone looking to savor the season.”
However you prefer to indulge in the local craft beer scene, the city’s community-focused beer culture is a great fall thing to do in Portland.
5. Get outside into Portland’s local landscape
Portland is a mix of coastal beauty and historic urban charm. Located on a peninsula overlooking Casco Bay, the city’s waterfront features working harbors, marinas, and scenic parks like the Eastern Promenade. In the fall, the vibrant foliage adds to the town’s allure, making outdoor exploration a must.
See the scenery
“Visiting Portland in the fall is many people’s highlight of the year,” states Nick Robinson of Portland Schooner Co. “For a nature experience in town, try the walking trails at the Evergreen Cemetery where you can catch migrating birds in the trees, turtles and other amphibians in the ponds, and an array of tree species lighting up the landscape with their vibrant colors.”
You can also get a new perspective of Portland’s scenery via a historic wooden schooner, sailing your way around Casco Bay on the Maine-built boat through the Portland Schooner Co. “Don’t forget your hat, sunglasses, and cozy layers,” reminds Robinson.
Enjoy your dining outdoors
“Autumn in Portland is my favorite time of year,” confesses Chelsea K Ray, a wardrobe consultant and blogger based in the city. “Breakfast right on Casco Bay at the Porthole is a must. Walk off your lobster Benedict with a stroll along the East End Trail, and don’t forget to dip your toes in the ocean at East End Beach.”
Ray recommends doing some shopping at Mexicali Blues and Ports of Call on Commercial Street before enjoying fresh seafood at DiMillos, a floating restaurant that features beautiful waterfront views. “Wrap your day up with a cocktail at the Commercial Street Pub,” encourages Kay, noting that the pub is a true local’s spot where you can share your day’s adventures with other patrons.
6. Celebrate the season with Harvest on the Harbor
Since its inception in 2007, Harvest on the Harbor has celebrated Portland’s outstanding culinary scene, showcasing the talents of local chefs, brewers, distillers, and food artisans. “This is the 16th year for Harvest on the Harbor, which draws attendees from around the world to savor the deliciousness of Maine,” shares the Harvest on the Harbor team.
Portland has earned the reputation as “The Foodiest Small Town in America,” and the festival nods to this title by highlighting Maine’s rich food and beverage culture.
“Harvest on the Harbor is a celebration of Maine-made spirits, Maine lobster, Maine oysters and Maine seafood,” confirms the team. “With four events in three days there is something for everyone, including the Maine OysterFest, From The Sea and the Maine Cocktail Classic.”
Held the last weekend of October, Harvest on the Harbor offers a fun fall outing and a tasty celebration of Maine’s local flavors and traditions.
7. Indulge in Portland’s fall flavors and festivities
Portland celebrates fall with festivals, outdoor markets, food, and events like the Portland Farmers’ Market, which overflows with fresh produce, baked goods, and seasonal flowers.
Local eats and treats
“Portland is simply vibrant in autumn,” affirms Jamie, author of the blog Travel Addict. “Whether you are tasting local beers at the Portland Beer Hub, hiking on Peaks Island, or tasting the freshest of seafood along the waterfront, it’s the perfect fall destination with something for everyone. The cuisine is top notch – with incredibly fresh seafood at Scales and exquisite flavors at Duck Fat.”
Seasonal favorites like cider donuts, craft pumpkin ales, and hearty farm-to-table dishes become staples at eateries across the city, making a food tour a perfect fall thing to do in Portland.
“Maine Day Ventures keeps you moving and learning while you eat and shop,” suggests Kristin of Dean’s Sweets. “The guide gives an insider’s behind-the-scenes taste of the most popular spots in the city. The tour includes generous portions of some Maine specialties, including lobster, blueberries, craft beer, and the always-loved Maine potato, along with some up-and-coming foodie trends.”
Fall activities
Other fun fall activities come recommended from the Harvest on the Harbor team, including visiting corn mazes, hiking, trying award-winning restaurants, shopping and gallery hopping.
“Every Friday, the City of Portland hosts a First Friday Art Walk with gallery openings,” says Harvest on the Harbor. “Performing arts opportunities include the Portland Symphony Orchestra, celebrating its 100th season with performances at a few area breweries and a pay-what-you-can Chamber Series.”
8. See the city by sea
Experience Portland by sea for stunning views of Casco Bay, its islands, and iconic lighthouses like Portland Head Light. Fall tours provide a quieter, more intimate experience, with crisp air and warm autumn sunlight reflecting off the water.
“If you’re looking to enjoy Maine’s autumn spectacle, Casco Bay Custom Charters offers cozy flannel-wrapped adventures aboard vintage vessels,” shares Dyland Suhr from Maine Tour Company. “Enjoy breathtaking views of the colorful coastline with a bottomless mimosa brunch or a sunset dinner prepared by a private chef. This is the perfect opportunity for private groups to make unforgettable leaf-peeping memories on the water.”
Charter a boat for an intimate and private experience, or take the ferry across the bay to Peaks Island for a day of strolling amongst the neighborhood’s fall colors.
“Catch the ferry at Casco Bay Lines,” recommends Kristin from Dean’s Sweets. “The 30-minute trip across the bay is fun all on its own. Get some sun and enjoy the sparkling water and cool air along the way. If you’re lucky, you may see a bald eagle or a harbor seal.”
9. Take a day for everyone to play
“A trip with loved ones to Portland wouldn’t be complete without a visit to the Children’s Museum & Theatre of Maine, the state’s most visited museum and top destination for play located at Thompson’s Point,” says Shultzie Fay Willows, a representative for the museum.
Kids can explore hands-on exhibits like water and air activities, an outdoor playground, and an indoor climbing structure. They can also enjoy cultural displays, aquarium tours, performances at the country’s oldest children’s theater, and creative activities in MakerSpace – all included.
To round out the fall weekend in Portland, Willows is full of all-ages recommendations. “Afterward, paint some pottery next door at Color Me Mine or explore the fascinating International Cryptozoology Museum,” she shares. “For lunch, stop by Bissell Brothers, savor a grilled cheese at Sacred Profane, or enjoy hot dogs and pierogi at Leisure Time. There is something for everyone to do, try, and explore.”
10. Journey to the countryside for a true fall farm experience
A 40-minute drive from Portland, Bowdoinham comes alive in autumn with apple picking, pumpkin patches, and hot cider. This rural town along the Kennebec River is known for its vibrant farming community and fall harvest season.
If you’re looking for beautiful colors, Stonecipher Farm is an organic farm brimming with bright veggies in the autumn months. “The ‘no-till’ approach to vegetable production means a highly organized field system, resulting in an outstanding aesthetic,” claims Ian Jerolmack from the farm. “Folks have said it looks like the king’s garden.”
When you’re done exploring the farm, head back into town and sample from many other local farms at various Bowdoinham fall festivals, where vendors line up with their fresh offerings and handmade crafts.
11. Bring Fido along for the adventure
Portland is known for being an exceptionally dog-friendly city, welcoming four-legged companions in many public spaces and businesses. Numerous restaurants and breweries have outdoor patios where dogs are welcomed with water bowls and treats. The city’s pet-friendly vibe extends to shops, where many local businesses allow well-behaved dogs.
“There are many restaurants and locations that are dog-friendly throughout the city, just make sure to check their pet policy and local leash laws to ensure you and your dog have a great and safe time enjoying Maine’s fall together,” advises Portland pet photographer Gina Soule.
“Enjoying Portland in the fall alongside your four-legged best friend gives you a taste of the very best of Maine,” Soule continues. “From having your dog join you for a stroll along the Eastern Prom, exploring Higgins beach together, to enjoying an adult beverage around a fire on the patio at Maine Craft Distilling, you can’t go wrong with any of the numerous dog-friendly locations Portland has to offer.”
12. Cozy up with a good book
Fall and books are the perfect pair, whether you’re curling up in a chair by a roaring fire or sipping on tea at a local cafe with a book in hand. “Portland has a rich and robust bookish culture, with tons of amazing bookshops throughout the city,” adds Ash Holland, local owner to The Lucky Fox Bookshop.
Local favorites include Sherman’s, which opened in 1896, residing as Maine’s oldest bookstore. Another is Longfellow’s, a classic book shop with the perk of having the occasional feline guest wandering the store, available to adopt if it happens to choose you.
But if you’re after a fun and unique bookshop experience, look no further than The Lucky Fox Bookshop. A traveling and online bookstore, The Lucky Fox is an independently-run business that hosts pop-up shops at hot spots around Portland, and centers their collection around LGBTQ themes, fantasy, and works from marginalized authors. “Check out the event page to see where we’ll be setting up shop this fall and winter; or, explore the online shop to snag your next great read,” advises Holland.
As the weather gets cooler, many bookstores also host special events like author signings, book clubs, and seasonal sales, making bookshop hopping a perfect fall activity for a day in Portland.
13. Prepare to be spooked at a haunted house
A visit to a haunted house perfectly captures the fall mood, blending eerie history with spooky entertainment as the days grow shorter and colder.
While there are multiple haunted houses you can explore around Portland, nothing quite beats The Annual Haunting at the Parsonsfield Seminary. Originally built in the 1800s, its 42 rooms transform into an epic spooky mansion for the ultimate Halloween experience. You’ll be led on a tour through the building’s four floors for a suspenseful storytelling show, guaranteed to give you some scares. Tours are offered only the last two weekends of October, and the seminary changes its act every year for a truly unique time.
While the Parsonsfield Seminary is located an hour out of Portland, it’s more than worth the trip. Make a weekend of it by staying nearby with Backcountry Excursions, where owner Cliff Krolick ensures you get the full fall experience cozying up in one of his yurts or cabins nestled within the woods.
14. Travel off the beaten path on an oyster tour of Portland
“If you’re an oyster lover visiting Portland, be sure to check out the Maine Oyster Trail,” recommends Trixie Betz, an oyster expert.
The Maine Oyster Trail, of which Portland is a major hub, offers activities like farm tours, boat tours, raw bars, shuck trucks, and even kayaking adventures, where you can see oyster farming up close and taste the product directly from the source. It’s a great fall activity that combines education, fresh seafood, and Maine’s scenic coastline.
“Fall is the best time to enjoy oysters, and what better place to do that than in Maine,” shares Betz. “Not only will you enjoy delicious Maine oysters and learn about the industry, you’ll earn prizes along the way.”
The Maine Oyster Tour includes an oyster passport you can use to keep track of the places you’ve visited; the more establishments you check into, the more prizes you earn. The farm-to-table approach of the experience gives you the unique opportunity for direct interaction with Maine’s oyster farms, making the Maine Oyster Trail a perfect fall thing to do in Portland.
15. Escape the chill with local nightlife
Portland’s nightlife changes with the seasons, especially in the fall when outdoor patios stay open with heaters and fire pits. Many places also host seasonal events, from Halloween-themed parties to fall harvest festivals that go into the night. Rising Tide Brewing Company and Oxbow Blending & Bottling have both indoor and outdoor spaces, and you can often find live music or food trucks.
For local music and laid-back vibes, check out the Flask Lounge for nightly live music, dancing, and up-and-coming DJs and bands. “Nestled in the heart of Portland, Flask Lounge is your favorite down-to-earth neighborhood bar,” affirms Flask Lounge owner Jessica Nolette. “Known for its unassuming charm and the city’s most affordable drinks, it truly feels like home.”
If dancing isn’t your thing, cozy up inside an intimate cocktail bar instead. The Portland Hunt + Alpine Club will serve you creative drinks in a sleek, Scandinavian-inspired space. For a warm and vintage vibe, Blyth & Burrows features a speakeasy-style experience, with handcrafted cocktails celebrating the maritime history of Portland.
Whether you’re in the mood for craft beers, live music, dancing the night away, or a more elegant evening, exploring the nightlife in Portland fall will leave you feeling warmer than you started.
Discovering fall things to do in Portland, Maine
There’s truly something special about fall in Portland, Maine. From festive farmers’ markets to cozy cafes and autumnal events, there’s something for everyone to enjoy. Whether you’re a lifelong resident or a first-time visitor, there are a plethora of fall things to do in Portland just waiting to be discovered. So bundle up, head out into the brisk air, and immerse yourself in all the fall fun this enchanting New England city has to offer.
“People get weird around money,” says Bobby Soler, a financial advisor with the firm Strategies for Wealth in New York City. “It can be really awkward with family members.”
He knows from firsthand experience. When it came to caring for his grandmother, his family avoided planning discussions, which led to stressful disagreements between siblings. He wants people to prevent that kind of situation by talking about money — even difficult topics like end-of-life planning — well in advance.
You want to know if your parents have enough money for retirement
Opening up the conversation by using a recent news article can be an easy way to start, says Dan Casey, founder of the financial firm Bridgeriver Advisors in Bloomfield Hills, Michigan. You could mention that you read an article about the value of using a retirement calculator, for example, or how many people are concerned with having enough money.
That way, he says, “you’re just passing on knowledge,” and can avoid unintentionally seeming like you’re trying to find out what inheritance you might one day receive.
Try questions that evoke hopes and dreams, says Erika Wasserman, CEO of Your Financial Therapist based in the Miami, Florida area.
One question you can pose is, “Mom and Dad, what is retirement going to look like for you?” Then, you could follow up by asking about where they want to live or whether they plan to move.
“When you give people a chance to explain their vision, it gives you a different perspective and allows them to open up,” she says.
You want to make sure your parents or grandparents have end-of-life paperwork in place
“Focus on the fact that you really care about them,” says Annie Cole, a Vancouver, Washington-based money coach and author of the book “101 Ways to Earn More, Build Wealth, and Live Rich in Your 30s.”
She recently asked her dad if he had a will.
“We called out the elephant in the room and just said, ‘This might feel a little awkward,’” she says. That comment broke the ice and made everyone laugh, and then they had a productive conversation about his retirement plans.
Try giving siblings and other involved family members a heads up before broaching a heavy topic together, says Elaine Swann, a San Diego, California-based etiquette expert and author of the etiquette guide “Let Crazy Be Crazy.”
She warns against springing a conversation about estate planning on siblings or family members.
“If you have a group family text, bring up the fact that you want to have a conversation,” she says, then pick a mutually-convenient time. That way, they can be physically and mentally prepared.
You’re going on vacation together as an extended family
Have a conversation about vacation cost-sharing during the planning process of the trip, Casey says. If you are offering to host and pay for one element but not another, spell that out, he adds. And if you know a financially-strained family member can contribute in another way, such as cooking, discuss those contributions in advance, too.
Similarly, at a group dinner, it’s helpful to talk about splitting the bill before placing orders, Swann says.
“There’s nothing wrong with saying, ‘Hey, how would you like to split the bill?’ Have the conversation beforehand so it’s less awkward and you can sit back and enjoy the meal,” she says.
You’re going through a difficult financial period
“It’s OK to put a boundary in place,” says Wasserman. “You can say, ‘Right now I’m working through financial issues and I have the support I need, but I appreciate your love and support.'”
Family members often want to make sure you’re OK or at least have a plan in place. “They want to see you are handling it. That is just reassuring to people who love you.”
If you don’t want to talk about your situation, Swann suggests being blunt.
“That’s not something I want to talk about. So anyway, how was your vacation this year?” is a script that helps you firmly pivot to another topic. “Be prepared to shift the conversation,” she says.
Your family members keep asking you for money
If you agree to loan family members money, it should always be in writing, Casey says, including any agreement around when it will be repaid.
If you don’t want to loan family members money, then Cole suggests offering to help in non-financial ways, such as by preparing meals or caring for any pets. You can also be honest about why you’re declining to provide financial assistance.
“We say, ‘We don’t mix family and money in that way,’” Cole says. “That’s our saying, and people understand.”
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Well, it looks like we’re here in another US election year already.
As Advanced Mustachians, we already know that the ongoing battle of Harris vs. Trump should not be consuming much of our time. Sure, we do our research and cast our votes but after that we move right on to focus on other things within our own circle of control.
But out of all the things the politicians like to bicker about, there’s one area where MMM does need to set the record straight, and that area is of course money. Your money, the economy in general, and the overall wealth of the nation.
Politicians are already not known for being the sharpest tools in the shed when it comes to technical stuff like science, technology, or economics. But this year the discourse has become particularly dumb, as our candidates try to manipulate undecided voters in swing states with ideas that are based on irrational emotions rather than sound economic sense.
For one particularly funny example, you may have noticed that the competing party (Trump in this case) is attacking the incumbents (Biden/Harris) over the “bad economy.” When in fact the US economy is stronger than it has ever been, with the lowest unemployment we’ve ever seen as well.
It’s hard to imagine a better situation than we have right now, and in fact the recent bout of higher inflation is a sign that things have been going too well, and we needed to step on the brakes with the help of higher interest rates.
But somehow the people still seem to believe that we have a “bad” economy. Take a look at this Gallup poll showing that while most people (85%) are doing really well right now, they assume that it’s just their own good fortune – only 17% believe the economy is doing well.
This is mathematically impossible, because if most people are doing well, that’s the definition of a good economy! And suspiciously enough, this widespread wrongness correlates quite nicely with the rise of social media misinformation.
So the politicians and the news have been doing the opposite of what they should be doing in an ideal situation (sharing accurate information). And sure, we can always just ignore their speeches and go on with our lives. But when it comes to economics, knowledge is power (and money). The more accurately we understand how things really work, the wealthier we will all become.
So with all that in mind, I hereby present you with my list of the…
Top Dumb Things Politicians Want You To Believe About The Economy
1:The President Controls the Economy
If there’s a recession, the opposition party likes to blame it on the current president. If the economy is booming, the current president likes to give himself (or possibly soon herself) credit for all of that success. But really, the US economy is way too big – and thankfully way too free – for the president to control or really even influence all that strongly.
In reality, our economy is a gigantic machine which converts labor and materials into things like iPhones, hospitals and pumpkin pies. And although we’re the biggest economy at 26% of the planet, we are still heavily influenced by that much bigger 74% of economic activity that the other 7.6 billion people on Earth are busy producing everywhere else.
When we have our inevitable little boom and bust cycles, they are mostly caused by the normal cycle of irrational exuberance (and greed) like the 2007 housing boom, followed by brief periods of extreme fear and pessimism like the 2008-2012 financial and housing crash.
The government does play a role too, by setting tax rates and other rules. But the effects of these policies are usually so delayed and unpredictable, that you can’t draw a straight line between today’s president and today’s economy. In other words, the government does its best to adjust the rudder on our giant ship, but in the short term our economy lurches around on the waves and storms of the ocean.
2:The President Controls Interest Rates
This one is especially funny to me, as our candidates feign sympathy for the hard life of middle class Americans, who now face higher borrowing costs on their credit cards and car loans and mortgages. They claim they will fight to bring the interest rates down. Trump even goes as far as bullying our Federal Reserve board members (who can only do their jobs if we allow them to function as independent experts) and suggesting that he would take over the whole department, if elected.
The real story is that while monetary policy would be a terrible tool to leave in the hands of a sitting president (see Argentina), it does function as an excellent set of gas and brake pedals for the economy if used properly. When things slow down and unemployment gets too high, a cut to the interest rates will produce a boost in everything from new jobs to stock prices. But if things get too hot, you get rapid inflation which can mess up the system.
3: Inflation has Made Life Harder for Americans (and the President Can Magically Reverse it)
This line of reasoning is even dumber than the last one. For a couple of years after the Covid era, we had rapid inflation. It was caused by a rare combination of a goods shortage caused by things like factory closures and remote work, plentiful demand from government stimulus spending and low interest rates. These factors have since ironed themselves out, and inflation is back down to an ultra-low 2.4%.
But most significantly, wages have still risen faster than inflation so we are all better off than before! Since 2019, overall prices are up 19% and our wages are up 21%. So even after all that inflation, we are still doing just fine. But the candidates are still bickering over inflation as if it’s an actual problem, and even worse promising to “bring prices back down”. And they’ve managed to convince the electorate that “higher wages and prices” is the same thing as “a bad economy”. Which is just plain wrong.
Bonus dumbness: politicians also occasionally blame “greedy corporations” for increasing prices to hoard profits. While price increases are totally acceptable in a market system (as a business owner you are free to set prices wherever you like), in reality it doesn’t usually happen because our markets are too competitive. For example, a recent deep analysis from NPR showed that no, grocery stores haven’t made any windfall profit at all off of this recent bout of Covid-fueled inflation.
4: The President Controls Housing Prices
One important thing that has changed over the past ten years is that US house prices and rents have both risen much faster than general inflation and even wages. On the positive side, interest rates have also risen which tends to make houses feel more expensive and is supposed to help bring house prices down. But it hasn’t happened yet which means we have the double whammy of higher prices and higher interest costs for mortgage borrowers.
The dumb part is that our candidates are proposing things that would make the problem even worse, like subsidies for first-time homebuyers or schemes to reduce the interest rates. When really the solution is to increase the supply of housing, which I personally think will happen if we stop putting up roadblocks for homebuilders (myself included) to build housing.
Things like faster and cheaper permits, less onerous and expensive building codes, eliminating suburban-style zoning and setback and car parking rules, and changing laws so that NIMBYs no longer get any say over what other people do with their own land could all help reduce the cost of building a house by about 50%, quickly and permanently.
5: The President Controls Gas Prices, and They Are Currently “High” and We Want Them Lower
Ahh, gasoline! The most ridiculous of things to worry about and the fuel for many of MMM’s rants since 2011.
First of all, on an inflation-adjusted basis, gasoline is still about the same price as it was in 1950: in the $3-4 range per gallon, in today’s dollars.
Secondly, it is so cheap that even with our huge inefficient American vehicles, the average household is still only spending 2.5% of their disposable income on the stuff! (The funny part is that they spend many times more on the rest of the car ownership experience while thinking gas is the part that is expensive)
Third, gasoline has been obsolete for almost a decade now. You can get a used electric car for less than the price of a comparable used gas car, or if you’re a fancypants money waster like me, new EVs are also cheaper than their gas counterparts. You get a faster, nicer car that almost never needs maintenance OR gasoline, and save money.
So why are we even still talking about this antique fuel of a previous era? Why aren’t the candidates also arguing over the price of Kodak film or typewriters or fax machines?
6: The Economy is Something We Should Even Worry About
The funniest part about all this economic talk is that we’re focusing on the wrong thing. While hard work and business and advancing the frontiers of human knowledge are all fun things, the reality is that we passed the point of having “Enough” decades ago. When the American middle class complains about how hard we have it these days, it’s like a bunch of overfed people at a buffet wishing they could just have one more flavor of donuts stacked onto the table.
Yes, we have income and wealth inequality so that the rich tend to get richer more quickly. And yes, we should keep that in check with a somewhat progressive tax system because a more equal society tends to be a more peaceful and happy one.
But have you noticed that as the rich people get richer, they don’t get any happier? It’s because after you pass the point of “Enough”, adding more money doesn’t really help much.
And “Enough” is much more defined by your mindset (and your collection of life skills) than your paycheck. So if the politicians really cared about improving our happiness and wellbeing, they’d be preaching the Principles of Mustachianism rather than pandering to the specific requests of coal miners or billionaires.
But alas, winning an election is a very different thing than proposing stuff that is actually best for the country. And for that reason, we cast our votes for the best party and then tune back out until the next election.
Happy voting!
In the Comments: Has the election season been getting you down, pumping you up, or just giving you a thorough dose of “Meh”?
Further Reading/Watching:
While researching economic stats for this article, I came across a quirky but informative series of videos called USA Facts by none other than Microsoft co-founder Steve Ballmer. It seems that he had the same frustration as me: Americans are fighting over a bunch of opinions and misinformation without even bothering to look up the actual facts. So he made a well-produced series of videos that just share the facts without the baggage of political hype on top of them. I wish our politicians could do the same thing!
Bonus Podcast based on this article! Thanks to the magic of AI, you can direct the wizardry within Google to generate a custom-made podcast on almost anything on the Internet. A reader just emailed me this take on this episode – remarkably human-like and even entertaining! https://notebooklm.google.com/notebook/0e1d0af8-8888-466c-abe4-8b1da8986773/audio
Reddit user C-MontgomeryChurns reports receiving an e-mail from JAL hinting at a new credit card. Relevant part of the e-mail is as follows:
Important notice about current JAL USA CARD
Applications for the current card will close on before launch.
Existing issued cards will remain valid and can be used after launch.
Extra Benefits Await:
Launch Promotion Starting Soon
Details will be sent to you via email.
Stay tuned for more details.
The current card is issued by FNBO and isn’t very good with the standard sign up bonus being only 5,000 points. I doubt we will see an attractive sign up bonus even with a new issuer but I’d love to be proven wrong.
Mobile payment apps are certainly convenient, and, when compared to other payment methods, they are quite safe. They allow you to make payments with devices like smartphones and smartwatches, and can be even faster than using, say, a debit card.
That said, you should know a few details before deciding to use a payment app and when deploying one in daily life to keep your hard-earned cash as safe as possible. This guide will help you with such questions as:
• What are mobile payment apps?
• Are mobile payments secure?
• What are the pros and cons of mobile payments?
• How do I use a mobile payment app?
Key Points
• Mobile payment apps allow you to make contactless payments and conduct other financial transactions using your mobile device.
• While no payment app may be 100% secure, mobile payment apps typically use a number of features to enhance security, including tokenization, encryption, and two-factor authentication.
• To authenticate each transaction, a mobile payment app may require a PIN or use biometrics, such as a fingerprint or face ID.
• There are steps mobile app users can take to help minimize risk, such as setting up payment notifications, enabling two-factor authentication, and allowing automatic updates, which might include security features.
• Always double-check recipient details to avoid sending money to the wrong person or to potential scammers — once funds are transferred, it can be hard to get them back.
What Are Mobile Payment Apps?
Mobile payment apps enable contactless payments by waving a smart device at a payment terminal. This can be faster and touchless versus pulling out a debit card or credit card and then inserting it into a reader.
In addition, mobile payment apps allow you to send and receive money with friends and family. These apps can be installed on devices like smartphones, smartwatches, and tablets. Many payment apps are available, but common choices include Apple Pay, Google Pay, Samsung Pay, and Venmo.
Some mobile payment apps have a wallet feature that allows you to store credit and debit cards and things like boarding passes and tickets. Instead of having to carry each card individually, you can load them all into your mobile wallet.
Another way to conveniently manage your money is with a high yield bank account. You can typically do online and/or mobile banking with these accounts.
How Mobile Payments Work
Typically, you link payment cards in a mobile wallet or a while on a screen that uploads your payment method. You’ll need basic information such as the card number, expiration date, and CVV (those few digits, often found on the back) to link your card. When you finish filling in your card’s information, you may have to verify it with your bank.
Then, instead of paying with the card directly, you use your device to pay using the payment app. Your device sends your necessary information via what’s known as near field communication (NFC) but without revealing your actual account numbers, which is a welcome security feature.
Benefits of Mobile Payments
Mobile payment apps have several benefits that can make them preferable in our increasingly connected world. Some of those benefits include:
• Convenience: On any given day, you may find you need to carry a wide variety of cards. Not just credit cards and debit cards, but also things like loyalty cards, boarding passes, and sporting event tickets. All of these can be loaded into popular mobile payment apps, so you have everything you need in one place.
• Security: When you wave your device to pay with your mobile app, it doesn’t share your card number. Instead, it generates a series of random numbers (called a token) for each transaction you make. Plus, mobile payment apps require you to enter a PIN (personal identification number) or authenticate with biometrics like a fingerprint or face ID with every transaction. So, even if someone gets access to your device, it’s unlikely they would be able to use it to make purchases.
• Speed: Paying with a mobile payment app tends to be much quicker than paying by swiping or inserting your card. In fact, it can be a way to send money instantly (or close to it), while swiping or inserting can take several seconds. This benefit may seem minor in the grand scheme of things, but it can make a big difference when you’re in a rush.
Are Mobile Payments Safe?
Usually, mobile payment apps are safe compared to other payment methods. Most of that safety comes down to the tokenization mentioned in the previous section. Not only are these tokens different from your card number, but they are also encrypted and unique for each transaction.
This renders “sniffing” of mobile payment data (a common hacking method) virtually useless. Indeed, mobile payments are usually safe in most scenarios in the same way that mobile banking is safe. However, this doesn’t mean mobile payment apps are completely guaranteed to never have security issues or other glitches.
Consider this scenario:
• Most of these apps allow you to send money directly to friends and family to cover the portion of the meal you had together. To be sure, that can be more convenient than dealing with cash.
• However, there may not be a lot of safeguards in place when you send money with a mobile payment app. If you have a new person in your friend group and they accidentally send money to the wrong person (whose username is just one letter or digit different), it can be difficult to get it back.
This shows that mobile payment apps are safer in some contexts but aren’t perfect. The answer to “Are payment apps safe” may never be 100% certainly “yes.” One good way to protect yourself from problems is to always check that your money is going to the right place when paying with a mobile payment app.
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Drawbacks of Mobile Payments
Like all technologies, mobile payments have their pros and cons. Here are a couple of the downsides:
• While the popularity of mobile payments has rapidly expanded, there might still be some merchants that don’t accept them.
• You may find that the payment terminal has a technical issue preventing it from accepting mobile payments. Thus, you might occasionally find you aren’t able to make a purchase by, say, waving your phone.
• There are many different players in the mobile payments field, all of whom may have different policies. For example, the guidelines can be murky around things like data sharing. In addition, many mobile payment apps are available, which can create confusion as people navigate this new technology.
• While rare, money scams and hacking involving mobile payments are possible.
Features of Payment Apps to Look Out For
Because there are so many mobile apps available right now, you should look out for certain features. Here are some key features to keep in mind:
• Ease of use: One of the best aspects of mobile payment apps is they tend to be convenient and easy to use. If you find yourself struggling to link your cards or make payments, the app you are using may not be the best choice for you.
• Security: The other great thing about mobile payment apps is that they sometimes provide greater security than credit cards alone. You’ll want to ensure your payment app has security features like two-factor authentication and PIN or biometric verification for purchases. It should also never display your full card number in your wallet or payment method screen.
• Privacy: Privacy is increasingly an important part of any app’s policies, especially as more and more of our data lives online. However, it can be tough to know how your data is being used without diving into documents like the app’s terms of use and privacy policy. Still, it may be helpful to at least skim them if privacy is important to you. If the app sells your data to advertisers, it should be disclosed in these documents.
You may also feel safer going with a widely recognized mobile payment app, one that has many users and very positive reviews.
How to Use a Mobile Payment App
Each mobile payment app is different, but there are usually just a few steps to using one. Typically, this is how they work:
• Start by downloading your payment app of choice. Or you may already have a payment app loaded on your device, like Apple Pay, Google Pay, or Samsung Pay.
• Once you have your payment app on your device, link the payment card(s) you want to use with it. At this stage, you may have to complete a two-step verification process. For example, you might receive a verification code from your bank, or you may have to call the bank.
• After completing the verification process with your bank, your payment app should be ready to use with your linked cards. You can use your payment app (or a contactless credit card) if you see the NFC symbol when you pay. There are a few different versions of the NFC symbol, but it usually shows an image of waves that increase in size.
• Note that payment apps usually require you to add a PIN or biometric unlock (your fingerprint or face, for instance) to your phone and enter it before each payment.
• Once you unlock and hold your device near the terminal, you will likely see an indication on your phone screen that the transaction is successful. You may also hear an alert sound. When that happens, ta-da: You’ve paid with your mobile payment app.
Recommended: How to Send Money to Someone Without a Bank Account
Tips to Safely Use Mobile Payment Apps
Although mobile payment apps can be safer than other payment methods, there are a few steps you should take to ensure they are secure:
• Set up payment notifications: These will alert you to any payments on your card, so you will know immediately if someone gains access to your information.
• Enable two-factor authentication: Two-factor authentication is an extra layer of security that makes it more difficult to gain access to your account. For example, you must enter a code from a text message or email to verify it after you link a payment card.
• Enable automatic updates: Mobile payment apps frequently receive updates, which might include security features. Auto-update is often toggled on as a default setting, but double-check it’s enabled on your device.
For instance, open the Google Play Store app on Android and tap the menu icon > Settings > Auto-update apps. On iPhone, open Settings > iTunes & App Store and enable App Updates.
• Check that you are sending money to the right person. It can be difficult to get your money back if you send it to the wrong person using a mobile payment app. Before sending money, double-check (and perhaps triple-check) the details on your screen match those of the person who should receive the money.
• Beware of scams. Mobile payment apps are a common way for scammers to get money from unsuspecting victims. An easy way to prevent this is to avoid using a payment app to send money to people you don’t know.
Recommended: Key Features of Mobile Banking
The Takeaway
Mobile payment apps allow you to pay using a smart device like a smartphone, smartwatch, or tablet, and to do so in a fast, contact-free manner. They may also allow you to send and receive money with friends and family. These apps can be safer than other payment methods, like credit cards. However, they can sometimes be fallible, so you should always be careful when sending money.
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FAQ
What are the pros and cons of mobile payment apps?
The pros of mobile payment apps include their convenience, security, and speed of payment processing. Cons include that they aren’t yet accepted everywhere and are sometimes used by scam artists.
Does card fraud happen on payment apps?
There have been some instances of card fraud on payment apps, like when scam artists use flaws in the app’s design to extract money from victims. However, thanks to features like tokenization (encryption of your personal financial information), most payment apps make fraud much more difficult.
Are payment apps stealing my information?
Some payment apps might use your information in certain ways, like capitalizing on it to market products or selling it to advertisers. However, these details are often laid out in the app’s policy documents.
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Ever since the Fed announced their 50-basis point cut, mortgage rates have been climbing higher.
In fact, they’re basically 50 bps higher since the Fed cut their own federal funds rate (FFR) 50 bps lower.
While we know the Fed doesn’t control mortgage rates, it does seem unusual to see such a disconnect.
But the first important thing to remember here is the Fed’s rate is a short-term one, and mortgage rate are long-term rates, aka the 30-year fixed.
So it’s not really about the Fed. However, this is a good reminder that mortgage rate trends never move in a straight line.
Mortgage Rates Seesawed on the Way Up
If you recall mortgage rates’ ascent from sub-3% to 8% (yes, 8%!), it wasn’t just a straight line up.
Just take a look at my annotated chart from Mortgage News Daily for evidence of this, where I highlighted all the pullbacks.
There were days, weeks, and even months when mortgage rates went down. For example, the 30-year fixed climbed from around 3% in January 2022 to roughly 6.25% that June.
Then mortgage rates “rallied” a bit and fell to around 5% (quotes in the high-4% range) by that August.
Did that mean the worst was behind us? Nope. It sure didn’t. Instead, mortgage rates resurged and climbed to a new cycle high above 7% by that October.
Things were looking pretty bleak until another relief rally took place, sending the 30-year fixed back down to 5.99% by February 2023.
At that point, things were beginning to look better. Maybe that was the worst of it. Wrong again!
Mortgage rates did an about-face in March and made the spring home buying season a lot less pleasant for home buyers.
Then rates got even worse, rising north of 8% by mid-October and making folks question whether double-digit rates were the next stop.
It turned out that was the worst of it, despite all the head fakes and twists and turns along the way.
But it took time to realize that it was finally behind us. And it took false peaks and short-lived valleys for us to get there.
Mortgage Rates Are Falling Now and the Same Thing Is Happening
Now that mortgage rates appeared to have peaked this cycle (I say appear because there’s never ever any guarantee), we’ve been in a downtrend for about a year.
Rates hit their cycle highs last October at around 8% before rallying lower as inflation concerns subsided and unemployment began to worsen.
In short, the overheating economy seemed to run out of steam, and interest rates took solace from that.
It took just two short months for the 30-year fixed to fall from that 8% peak to around 6.5% last December.
And it appeared that the 2024 spring home buying season was going to be a pretty good one, at least with regard to rates.
But guess what happened. Yes, you’re catching on now. Mortgage rates went up. Again! What gives?
Well, similar to the way up, there was economic data released each month that led to bond selloffs, which increased their accompanying yields.
The 10-year bond yield, which tracks mortgage rates really well, had fallen to around 3.75% in December, only to rise about one full percentage point by April.
That pushed mortgage rates back up to around 7.50%, enough to ruin yet another peak home buying season.
Then as if almost on cue, mortgage rates trickled down post-spring to just above 6% in September.
At that time, you could actually get a rate that started with a “4” in certain situations. And rates in the low-to-mid 5s were also quite common.
Good Economic News Ruined the Mortgage Rate Party
In early September, it seemed like the worst truly was over, and just then an optimistic Fed chairman Powell and a jobs report beat surfaced.
The 50-basis point Fed rate cut didn’t really have much of an impact, given it was baked in and telegraphed.
But Powell made comments the same day, essentially proclaiming that the 50-bps cut was bullish because the economy was so in such good shape it could handle a larger cut without reigniting inflation.
Then came the jobs report just over a week later, which was a big beat and enough to propel rates above 6.50%.
If it feels like déjà vu, you’re not wrong, nor are you alone. However, you might take comfort in knowing this same exact thing happened on the way up.
Mortgage rates did not move in a straight line up, and will not move in a straight line down. There will be bad days, weeks, and even months along the way.
Despite this, the trend still feels decidedly lower over time. You just have to be patient and focus less on the day-to-day.
Easier said than done if you’re a loan officer or mortgage broker, or a borrower who needs to lock or float your rate, I know.
If you do have time to wait before buying a home (or refinancing), it might pay to sit back and wait for this trend to continue developing.
After all, the fed funds rate is still expected to fall another 150 bps within a year. And chances are they wouldn’t keep cutting that much if the economy was still running hot.
In summary, trends, whether it’s rising rates or falling rates, take time to develop. Zoom out. Before long, the chart might resemble a “head and shoulders” pattern that slopes down on the right-hand side.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Medical debt can be a heavy burden for individuals and families. And knowing unpaid medical bills could impact your credit can make the worry even worse. In an effort designed to relieve some of the stress on U.S. consumers, the way medical debt is treated by credit bureaus has changed in recent years. The timeline for unpaid health-care bills appearing on your credit reports is longer than it used to be. And some of those debts may not end up affecting your credit at all.
But make no mistake: There still can be consequences if a medical bill goes unpaid for too long.
Read on for a look at when unpaid medical debt can go on your credit reports and some steps you can take to protect and improve your financial health.
Key Points
• Unpaid medical bills can appear on credit reports, but there is a 365-day grace period before they do.
• Medical debts under $500 don’t show up on credit reports.
• Medical collections can stay on credit reports for seven years if unpaid.
• Medical debts paid after they appear on credit reports are removed from the reports, improving credit scores.
• Disputing errors on credit reports can help remove incorrect medical debt information.
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Do Medical Bills Affect Your Credit?
Your medical bills shouldn’t have any effect on your credit, as long as they don’t go unpaid for too long. Most health-care providers don’t report payment activity to the credit bureaus. So unless your account goes unpaid for so long that your provider gives up and sells the debt to a debt collector, it’s unlikely your delinquent account will appear on your credit reports.
Even if the account goes to collections, it can take a year or longer to impact your credit. That’s because the three major credit bureaus (Equifax, Experian, and TransUnion) now give consumers a full 365 days to clear up a medical debt that’s gone to collections before it goes on their credit reports. This year-long grace period allows more time for medical bills to make their way through the insurance approval and payment process, and it gives consumers more time to report billing issues to their provider or the debt collector, negotiate a smaller payment, or set up a payment plan.
More good news: If the initial balance that’s gone to collections is less than $500, the debt won’t ever become part of your credit report, so it won’t affect your credit score.
How Does Medical Debt Impact Your Credit Scores?
Medical bills that you’ve paid shouldn’t appear on your credit reports at all or affect your credit scores — even if you paid the bill after it went to collections. Existing paid medical collections were erased from credit reports in 2022, and the credit bureaus no longer include this information on their reports.
If your bill in collections goes unpaid past the 365-day grace period, however, it could turn up on your credit reports, and possibly have a negative effect on your credit scores. The amount of damage can vary, depending on what scoring model you — or a potential lender — is looking at. But it’s important to note that failing to pay a bill can affect the most significant factor in determining your credit scores — your payment history. So if a medical bill with a starting balance of $500 or more lands on your credit report, you could see a serious dip in your credit scores.
How Long Do Medical Bill Collections Stay on Your Credit Report?
A typical collections account can stay on your credit reports for about seven years, whether or not you eventually pay the debt. But medical accounts are treated differently than other types of debt.
When the credit bureaus are notified that you’ve paid off a medical debt in collections, they’ll remove the account from your credit reports, and you can expect your credit scores to improve.
If you don’t pay the medical debt, however, the collections account could remain on your credit reports for a full seven years after it becomes delinquent.
Can Medical Bills Be Removed from My Credit Report?
If you believe a medical bill in collections is showing up on your credit report by mistake, you can dispute the error with the credit bureau and the debt collector who reported it. After all, it takes time to build credit, and you want to make sure your record represents you accurately.
If your debt has been in collections for less than a year, if the starting balance was less than $500, if the debt has been paid by you or your insurance company, or if you can show that the information is incorrect in some other way, you can take the necessary steps to have it removed from your credit reports.
How to Dispute a Medical Bill on Your Credit Report
To dispute a medical bill on your credit report, the Consumer Financial Protection Bureau (CFPB) recommends starting with the credit bureau that included the account. Explain in writing what you think is wrong and why — and be sure to include documentation that supports your claim. The credit bureaus can then begin an investigation. (The CFPB provides sample letters and addresses for the credit bureaus.)
You should also reach out in writing to the debt collector that furnished the information and ask that it be corrected.
Finally, if your dispute continues to go unresolved, you can submit a complaint to the CFPB.
Recommended: Why Did My Credit Score Drop After a Dispute?
How Can You Check for Medical Debt on Your Credit Reports?
There are a couple of ways you can check your credit report to see if a medical debt is showing up there.
• If you’re paying for credit monitoring, or if your financial institution or credit card company provides a free credit score and summary each month, the information you’re looking for may be available as part of this service. You may even receive an alert if your credit score updates and there’s a significant drop.
• You’re also entitled by federal law to receive free copies of your credit reports from the major credit bureaus at AnnualCreditReport.com.
Don’t panic if a debt collector tells you that your unpaid account will soon affect your credit scores. Remember that you have a year-long grace period to pay the debt or clear up any errors before the account will show up on your credit reports.
Does Paying Off Medical Collections Improve Your Credit?
The best way to keep medical debt from dragging down your credit scores is to make sure your bills are paid on time (by you or your health insurance company). Even if your account goes to collections, paying is still an option — and it can help push your credit scores back up. Though the negative impact of having a collections account on your credit report diminishes with time, if the bill goes unpaid, it could sit on your record — where lenders can see it — for seven years.
Recommended: How to Build Credit
What If You Can’t Pay Your Medical Bills?
Even though it may be tempting, the worst thing you can do if you have medical debt is ignore it. Here are some options to consider if you’re wondering how to pay medical bills you can’t afford.
Ask About a Repayment Plan
Many hospitals and health-care providers will let you set up a payment schedule that allows you to pay over time. Best-case scenario, the option provided is fee- and interest-free. If you’re asked to sign up for a financing plan that will cost extra, make sure the terms work for you and that it’s still manageable within your budget.
Try Negotiating with Your Provider to Lower Your Bill
Sometimes, a health-care provider may be willing to accept a lower amount to avoid writing off the bill and selling the account to a debt buyer. (Even if the account has gone to collections, you may be able to settle for a lower payment. At that point, though, you’ll likely be negotiating with the debt collector, not the original creditor.)
See If You Qualify for Financial Assistance
Grants and other types of financial assistance are sometimes available for patients who are eligible based on their income, age, or other factors. A Google search may turn up some options, or your health-care provider or a support group may be able to pass along information.
Consider an Unsecured Personal Loan
If you can get manageable monthly payments and other terms that fit your needs, you may want to consider taking out a low-interest personal loan. Try to stay away from a loan that’s secured by your home or other assets, which could end up putting your financial well-being at greater risk if you default.
How Can You Keep Your Credit Scores Healthy Despite Challenging Medical Bills?
Small fluctuations in your credit scores are normal, but if you’re worried that an unpaid medical bill could cause a drastic drop, it’s important to keep your financial guard up. Here are some steps you can take to protect your scores:
Keep Paying Your Bills on Time
Your payment history is a big factor in determining your credit score, so do your best to stay on top of all your bills. If making timely payments is a struggle for you, you may find a spending app can help with budgeting, keeping track of billing due dates, and prioritizing payments.
Watch Your Credit Utilization
Lowering your credit card utilization ratio — the percentage of available credit that you’re using on your credit cards and other lines of credit — can help you get and keep your credit scores where you want them. If you’re relying heavily on credit to get by, and you’re close to maxing out your credit cards, you may need to reevaluate your spending and change up your budget. A money tracker app could help you stick to healthy financial habits.
Monitoring Your Credit Scores
Even if you’re on your best behavior, if an unpaid medical bill ends up on your credit report, it may take months before you see some improvement to your damaged credit scores. Credit score monitoring can help you better understand how certain actions can affect your creditworthiness.
The Takeaway
Watching your medical expenses pile up can be stressful — especially if you’re worried that your unpaid medical bills can go on your credit reports and lower your credit scores. Fortunately, the credit bureaus and credit score models have begun treating medical debt with a little more patience and consideration than other types of debt. But an unpaid medical account still can be a problem if you let it go for too long. So it’s important to stay on top of your medical bills, along with all your other financial obligations.
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FAQ
Can unpaid medical bills affect your credit?
A medical bill will likely only affect your credit if it’s been unpaid for so long that it ends up going to collections. Even then, consumers have a full year to clear up a medical collections account before it goes on their credit reports. But if the bill goes unpaid after that grace period is up, it could affect your credit scores.
How do I remove a medical collection from my credit report?
To have a medical collection removed from your credit report, you can either pay the amount you owe or — if you think it’s in error — you can try disputing the bill with the credit bureau and the debt collector that reported it.
Is it a HIPAA violation to send medical bills to collections?
Not necessarily. The Health Insurance Portability and Accountability Act (HIPAA) has strict standards for how health-care providers and their business associates, including third-party debt collectors, handle sensitive personal health information. Debt collectors can receive and disclose information but only to the extent that it is absolutely necessary to perform their job.
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Both chambers are scheduled to meet this month to try and match the two versions of the bill as closely as possible, with Sweeney hoping for a strong push by mortgage and real estate professionals to get the amendment over the line. “Everyone in the housing industry needs to complete a call to action emailing … [Read more…]
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.
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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.