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This would result in noincome taxfor Americans.
What would this mean for the economy, specifically the upper middle class?
That could mean good news for the stock market.
Higher Real Estate Prices
Not all investments would benefit from the elimination of the income tax.
Commonly, the upper middle class would invest in real estate as another stream of income.
Lowered Tax Deductions
Many individuals and couples in the upper middle class benefit from tax deductions.
But if there is no income tax, Warren said those deductions might cease to exist.
Many people belonging to the upper middle class receive benefits fromseveral tax deductibles, Warren explained.
History shows that income inequality can have drastic effects on the community.
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