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For the upper-middle class, a change in administration could bring some shifts in tax policy and economic outlook.
GOBankingRate spoke with experts to understand the potential impacts and strategies to consider.
Here are eight ways that a Harris presidency could impact the upper-middle class.
In contrast, here areways that a Harris presidency could impact the lower-middle class.
This change could hit the upper-middle class particularly hard, because they might find themselves in higher tax brackets.
Potential Expansion of Earned Income Tax Credit
Not all changes may be negative for the upper-middle class.
David Damore, Ph.D., professor of political science atUNLV, points out a potential bright spot.
This expansion could provide some relief for families at the lower end of theupper-middle class spectrum.
For the upper-middle class, this could mean a higher likelihood of audits and a need for meticulous record-keeping.
Changes to Estate Tax Exemption
Carpenito warned of potential changes toestate tax limits.
This could significantly impact wealth transfer plans for upper-middle class families.
Remember, as with any major political shift, there will likely be both challenges and opportunities.
The key is to be prepared and proactive in your financial planning.
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