Income Tax Exemption: Trump aims to eliminate federal income taxes for individuals earning less than $150,000 annually.

Social Security Benefits: Plans are underway to remove federal income taxes on Social Security benefits. While this would benefit wealthy retirees significantly, middle-income households might save about $340 annually, and low-income households up to $15.

Tax Cuts Extension: The administration seeks to make the 2017 Tax Cuts and Jobs Act (TCJA) permanent. If not extended, the TCJA's expiration could lead to increased taxes for many Americans.

Family Finances: If you/your family earns under $150,000, the proposed income tax exemption could increase disposable income, and ease financial burden on households.

Public Services and Education Funding: Critics argue that these tax cuts could significantly reduce federal revenue, potentially leading to cuts in public services, including education funding. This could affect financial aid programs and resources available to students. ​

Economic Considerations: While tax cuts may provide immediate financial relief, concerns about increasing the national debt and potential impacts on the economy could influence job prospects and financial stability post-graduation. ​

These accounts are most flexible, but come with no tax advantages.

You can invest in most types of investments with these accounts, be it stocks, mutual funds and ETFs, or more advanced stuff such as options.

The money you put in will be after-tax, and when you pull money out, the gains your stocks have made will also be taxed.

Note: If you hold investments in this account for over a year, when you cash them you will face lower taxes than if they were held for less than a year.

Roth IRA's are Individual Retirement Accounts (hence IRA).

They're what I recommend to new investors looking to set money aside for retirement because while the money you put into the account (your "contributions") is after-tax, when you pull money out (your "distributions) in retirement, that money is entirely tax free.

This is a big deal, because this can save you thousands (if not 10s, or 100s of thousands) of dollars on your investment returns.

Note: Since this account is meant for retirement, If you pull out money before 59 and a half there is a 10% penalty and taxes on the distribution. There are exceptions to this penalty, but don't put money into this account that you may need soon.

If you think about your pay stub, there is how much you earn, and then how much you take home. We all love watching our paycheck get reduced (NO NO NO!!!), but there are ways to reduce the amount it gets reduced (YAY)!

Contributions to Traditional IRA's and 401(k)s are pre-tax. What that means is that if you make $100k per year and contribute $20k of that towards your 401(k), then your taxable income is now only $80k per year, thereby dodging some income taxes.

When you distribute/pull money out of your account for retirement, it is taxed at the income tax rate. By delaying these taxes you give your money time to grow before it is taxed. 

Note: The main difference between a Traditional IRA and a 401(k) is that 401(k)s are typically provided by your employer, whereas Traditional IRAs are managed by you (Individual Retirement Account).