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With the midterm elections days away, President Donald Trump’s White House has a warning about your wallet.

In an Oct. 29 release titled “President Trump Put Money Back in Your Pockets—Radical Democrats Want It Back and More,” the White House says Democrats’ agenda would cost households “OVER $35,000 per year” (1).

The release credits Trump and congressional Republicans with tax cuts including “No Tax on Tips,” “No Tax on Overtime” and “No Tax on Social Security” (1). The release doesn’t break down the $35,000 figure.

It links its 10-year version to a White House page, “The Real Cost of Socialism in America,” which says seven policies in the Democratic Socialists of America’s 2026 program would add about $49 trillion to federal deficits over 10 years, or “roughly $355,000 for every American household” (2).

I’ve been a CPA since 1981, and election-season tax scares are nothing new. Here’s the question that matters for your money: What can actually change your taxes after Tuesday?

The answer starts with the Constitution. Every bill that passes the House and Senate must “be presented to the President of the United States” before it becomes law (3).

And Trump’s term runs until noon on Jan. 20, 2029, under the 20th Amendment (4).

Here are 5 things to know about your taxes, whoever wins.

1. No tax increase becomes law without the president’s OK or a veto override

If the president vetoes a bill, it goes back to Congress. It becomes law only if “two thirds of that House” agree, and the other chamber likewise approves it “by two thirds,” the Constitution says (3).

So even if the other party wins Congress, it couldn’t change federal tax law before 2029 unless Trump goes along or two-thirds of both chambers override his veto. That’s a high bar.

That doesn’t mean nothing changes after Tuesday. Control of Congress shapes budgets, investigations and what bills reach the president’s desk. But no result on Tuesday can, by itself, raise your federal income taxes.

The best use of this moment isn’t worrying. It’s planning.

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2. The real deadline is 2028

Here’s the date everyone should circle. The new deductions for tips, overtime and seniors 65 and older all expire after 2028, according to FactCheck.org (5).

The IRS says people 65 and older “may claim an additional deduction of $6,000” for 2025 through 2028 (6). Interest on a loan to buy a qualified new vehicle is deductible for 2025 through 2028, too (6).

Unless a future Congress and president extend them, those breaks end on their own. No election result is needed for that.

3. “No tax on Social Security” isn’t quite that

FactCheck.org says the Social Security provision is a $6,000 deduction for those 65 and older that begins phasing out for incomes above $75,000 for single filers or $150,000 for joint filers (5).

The IRS describes it the same way: an “additional deduction of $6,000” for people 65 and older (6). It can lower your tax bill. It doesn’t make all Social Security tax-free for everyone.

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4. Don’t make big money moves on a campaign forecast

Election seasons often bring predictions of financial doom from one side or the other. Selling investments, rushing a Roth conversion or taking a big IRA withdrawal because of who might win is guessing, not planning.

Make tax moves for the law as it’s written. Right now, that means the 2025-2028 deductions are in place, and they’re scheduled to end after 2028.

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5. Watch 2028, not just Tuesday

Because the senior, tips, overtime and car loan breaks all end after 2028, the bigger tax decision for retirees could come around the 2028 presidential election.

Unless lawmakers act sooner, the next Congress and the next president will decide whether to extend them, change them or let them go.

My honest take

Election-season math is designed to scare you or excite you. The $35,000 figure is the White House’s own estimate of what a democratic socialist wish list would cost. None of those proposals is law.

Here’s what I know for sure: Federal tax law can’t change without a new law, and before 2029 a new law needs Trump’s approval or a two-thirds override. That’s not a political opinion. It’s the Constitution.

Vote for whomever you want. Then plan for the tax law you actually have.

Sources: 1. The White House; 2. The White House; 3. Cornell Law School Legal Information Institute; 4. Cornell Law School Legal Information Institute; 5. FactCheck.org; 6. IRS