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Also see what a Trump presidency could mean for Social Security.
He said these states already have a leg up when it comes to retaining wealth.
These states haveno state income tax, so wealthy residents already keep more of their income, he said.
Ambrose said these states could become even more attractive to the wealthy.
New York and California: Relief for High-Tax States?
Upper-class earners living in areas with high state and city taxes need federal and corporate relief, DeLuca explained.
That would be New York, California, New Jersey, Massachusetts, etc.
DeLuca pointed to Trumpspast tax policiesas a guide.
Trump enacted the TCJA of 2017 which gave huge tax relief to the upper-class, he said.
Trump has always touted a pro-coal, pro-oil mindset, he said.
That [would] favor Wyoming, West Virginia, Pennsylvania, Kentucky, etc.
This could mean significant benefits for upper-class residents in these states, particularly those involved in the energy industry.
Also, the economy is complicated.
Talking to a financial advisor can help you understand how these changes might affect your money.
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