Regular gas averaged $4.28 a gallon last week, up about $1.27 from a year earlier. Diesel hit $6.28. And overall consumer prices are up 3.7% in a year.
On Nov. 3, voters choose the Congress that gets a hand on a lot of those numbers — plus your tax bill, your health premiums and your Social Security check.
I’m not going to tell you how to vote. My job is simpler: show you where Washington reaches into your wallet.
So here are five money issues riding on this election, what each side is pushing, and one thing you can do now, no matter who wins.
1. Prices and tariffs
In February, the Supreme Court ruled that President Donald Trump couldn’t use an emergency-powers law to impose tariffs. That didn’t end tariffs. It reshuffled them.
The Trump administration swapped in a 10% global tariff under a law that caps such duties at 150 days unless Congress extends them, according to an Oct. 8 fact sheet from the Congressional Research Service.
Congress didn’t. Those tariffs lapsed July 24, and the president imposed new duties under a different trade law.
As of Sept. 30, tariffs on steel, aluminum, autos, lumber, patented drugs and more were in effect, and tariffs on upholstered furniture, kitchen cabinets and vanities are set to rise Jan. 1.
Where the parties stand: In February, the House voted 219-211 for a resolution to end tariffs on Canada, with six Republicans joining nearly all Democrats, The Associated Press reported. House Speaker Mike Johnson, R-La., urged lawmakers to wait for the Supreme Court and defended the president’s trade policies.
Since the court ruling, six senators who caucus with Democrats, led by Elizabeth Warren of Massachusetts, have pressed the administration on whether consumers will get their money back for the tariffs the court struck down.
What you can do now: If a remodel, deck or new car is on your list, get quotes now from more than one seller. Those are exactly the categories tariffs hit.
And give your monthly plan some slack. With prices up 3.7% in a year, a household spending $5,000 a month needs about $185 more just to stand still. If you don’t have a plan that tracks that, here’s a place to build a budget that works.
2. Your tax bill
The 2025 tax law, called the One Big Beautiful Bill Act, made the lower tax rates and bigger standard deduction from 2017 permanent.
But several of the newest breaks come with an expiration date. According to the IRS, these run only from 2025 through 2028:
- Tips: Deduct up to $25,000 a year.
- Overtime: Deduct up to $12,500, or $25,000 on a joint return.
- Age 65 and older: An extra $6,000 deduction, phasing out once modified adjusted gross income tops $75,000, or $150,000 for joint filers.
That means the Congress you elect now, and the one after it, decides whether those breaks vanish after 2028 or get extended.
Where the parties stand: The law passed the House 218-214 in July 2025 with no Democratic votes, after clearing the Senate on Vice President JD Vance’s tie-breaking vote, the AP reported.
Johnson has sold the law as lasting relief. Rep. Pete Aguilar, D-Calif., countered that the breaks Republicans tout for workers are temporary, while cuts for billionaires and big corporations are locked in.
What you can do now: I’m a CPA, and here’s what I see people miss. A deduction you don’t claim is worth zero.
If you earn tips or overtime, or you’re 65 or older, make sure these show up on your return. Here are other new tax breaks most people will miss, too.
3. Health insurance premiums
Open enrollment for 2027 Marketplace coverage starts Nov. 1 — two days before Election Day. If you buy your own insurance, brace yourself.
The enhanced premium tax credits that made Affordable Care Act plans cheaper expired Dec. 31, 2025. Nonprofit KFF had estimated that losing them would more than double what subsidized enrollees pay, from about $888 a year on average to $1,904.
Enrollees earning more than 400% of the poverty line would face especially large increases, KFF warned.
Now insurers want another round. Their filings for 2027 propose a median increase of 15%, according to KFF’s review of 276 insurers.
Where the parties stand: In December 2025, the Senate blocked both a Democratic bill extending the credits for three years and a Republican alternative built around new health savings accounts, the AP reported. Each fell short of the 60 votes needed.
In January, the House passed a three-year extension 230-196, with 17 Republicans joining Democrats, Ballotpedia reported. It never became law.
What you can do now: Don’t let your plan auto-renew. On HealthCare.gov, pick a plan by Dec. 15 for coverage starting Jan. 1. Open enrollment ends Jan. 15.
When you compare, add a year of premiums to the out-of-pocket maximum. That’s your worst-case year.
Quick aside — most internet financial advice comes from people who weren’t alive during the last recession. I’ve been writing about money for more than 35 years. Want rock-solid advice? Sign up for the free Money Talks Newsletter. Takes 10 seconds. No fluff. No spam.
4. Social Security’s shortfall
Here’s the year every retiree should know: 2032. That’s when the trust fund that pays retirement and survivor benefits is projected to run dry, according to the 2026 Trustees Report.
Unless Congress acts, incoming revenue would then cover only 78% of scheduled benefits.
Picture it: A $2,000 monthly check would shrink to about $1,560. That’s $440 a month, or $5,280 a year — gone. And nobody has to vote for that cut. It happens automatically if Congress sits on its hands.
Where the parties stand: Raising taxes is getting a hearing on both sides. Right now, workers pay Social Security tax only on the first $184,500 of 2026 earnings.
Rep. Lloyd Smucker, R-Pa., has said raising that cap could be part of a fix, along with a likely increase in the retirement age, CQ-Roll Call reported. Sens. Bernie Moreno, R-Ohio, and Warren have proposed taxing all earned income.
Democrats more broadly have pushed tax increases to shore up the program and expand benefits. For the price tag on each approach, see what each Social Security fix in Congress would really cost you.
What you can do now: Don’t panic-claim. Grabbing benefits early to beat a possible cut can lock in a smaller check for life.
Instead, log in to your account at SSA.gov and check your earnings record. A missing year of wages can shrink your benefit, and it’s easier to fix now than after you’ve filed.
5. Gas and energy bills
Regular gas averaged $4.28 a gallon the week of Oct. 19, up about $1.27 from a year earlier, according to the U.S. Energy Information Administration. Diesel averaged $6.28, up $2.66.
Gasoline prices rose 34.2% in the 12 months through September, the Bureau of Labor Statistics says.
Electricity is creeping up, too. The EIA forecasts the average residential rate at 18.2 cents per kilowatt-hour this year and 18.7 cents next year.
Where the parties stand: The federal gas tax is 18.4 cents a gallon. This spring, lawmakers in both parties proposed suspending it, The Fiscal Times reported.
Supporters included Republican Sen. Josh Hawley of Missouri and Democratic Sens. Richard Blumenthal of Connecticut and Mark Kelly of Arizona. Trump said he backed suspending the tax for a time. Senate Majority Leader John Thune, a Republican, warned it would leave the Highway Trust Fund short of money.
Run the math, though. On a 15-gallon fill-up, an 18.4-cent holiday saves $2.76. Nice, not life-changing. Here’s my full math on what a gas-tax holiday is worth per tank.
What you can do now: Ask your electric company about budget billing, which spreads high bills evenly across the year. And check a gas-price app before you fill up. At $4-plus a gallon, a few cents’ difference adds up fast.
What to do before Nov. 3
Whoever wins, these bills keep coming. Here’s your short list:
- Mark Nov. 1: Shop your health plan, and beat the Dec. 15 deadline.
- Check your tax breaks: Tips, overtime and the over-65 deduction only help if you claim them.
- Pull your Social Security record: Fix errors while it’s easy.
- Price big purchases now: Especially anything built from steel, aluminum or lumber.
Campaign ads will tell you one side has all the answers. Your bills don’t care who’s right.
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