On December 22nd President Trump surprised the American people with a Christmas present when he came out with a tax plan that is said to benefit big and small business owners and would give individual tax payers a minor break this year. But this GOP tax bill will have a major impact on Wall Street because it’s said that it will separate the ‘lower class’ rich from the filthy rich. It will widen the gap between the two and the ‘lower class’ is scared the bill will eventually take away their rich-status.
The filthy rich aren’t stressing about the GOP tax bill at all. These are the richest people in the US, the ones that get paid ridiculously high salaries, own their own jets and never have to worry about finances at all. They are everything but worried about the tax bill because they will get even richer and are now able to secure their wealth for the next generation.
However, the ‘lower class’ will have to make money a lot faster now to keep up with the Joneses (a.k.a. the filthy rich). All because of the GOP’s changes in the state and local (SALT) deductions. According to data from the IRS, in 2015 deductions for state and local taxes had an average of $57,400 and the average property tax was $14,400. So with the GOP’s $10,000 cap on property tax deductions, the ‘lower class’ will have to work a lot harder to finance all the luxury they have gotten accustomed to over the years.