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This could boost local economies and stimulate growth.
This could lead to increased income inequality and reduced social mobility.
This could lead to higher living costs, especially for housing where demand is high, Castaneda explained.
Also see how expiring tax cuts could affect baby boomers.
Pennsylvania
Healthcare, education and tourism are the lead industries that fuel the local economy of Pennsylvania.
Other States
Other battleground states Wisconsin, Arizona and North Carolina might experience different outcomes.
Wisconsins economy is heavily reliant on manufacturing, which could benefit from increased investments, Simchi said.
Arizonas economy is driven bytechnology and healthcare, which might not be significantly impacted by tax cuts.
North Carolinas economy is diverse, with a strong presence of industries like finance and technology.
Some states and industriesmight see significant gains, while others might experience only small or inconsistent changes.
Due to this, benefits formiddle-class and lower-class groupsmay be reduced, which will increase income inequality.
More jobs may be created, but we dont know how good they will be.
Inflation andrising living expensesmay also make matters more difficult.
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