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Some states could see upper-class paychecks fall short of expectations,even with Trump in the White House.
He explained why these states might miss out on some benefits.
Ambrose added that local expenses could keep paychecks from growing significantly.
Trumps tax cuts might not offset these local costs.
He added, The SALT [state and local tax] deduction cap really impacts wealthier residents here.
New Jersey is notorious for its high property taxes and income taxes.
Illinois economy is heavily dependent on high-income earners, particularly in industries likefinance and technology.
This means that even withfederal tax cuts, residents will still face a significant tax burden.
It undermines any potential benefits from Trumps federal tax policies.
And campaign promises dont always equal actual legislation.
Its important to keep an eye on what candidates say and what they actually do.
As November approaches, its important to watch the election (and your money) closely.
That way you are prepared for whatever comes your way financially and otherwise.
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