2 States Where Middle Class Wages Could Rise If Trump Wins in November

As Election Day approaches, middle-class Americans are wondering how their wallets will be affected. Will their incomes go up, down, or stay the same? While a Trump victory could impact workers across the country, experts suggested that residents of certain states could see bigger benefits to their paychecks.

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GOBankingRates spoke with financial experts to find out which states could see the biggest boost to middle-class wages if Trump wins in November. Here’s what we learned.

The former president also wants to abolish income tax, which would benefit the economy and your wallet.

Texas: A Tax-Friendly Paradise for the Middle Class

Cliff Ambrose, FRC, founder and wealth manager at Apex Wealth, pointed out that Texas is a potential winner for middle-class workers.

“If Trump wins, middle-class wages in states like Texas could rise,” Ambrose said.

He explained why Texas is well positioned for potential profits.

“Texas benefits from not having a state income tax, so middle-class workers already keep more of their income,” he shared. “Trump’s policies, like lower payroll taxes and support for job growth, could lead to higher wages or lower tax burdens for the middle class.”

Thomas J. Brock, CFA, CPA and expert at Annuity.org, agreed that Texas could benefit.

“If Donald Trump wins the upcoming presidential election and Republicans secure a dominant position in Congress, I expect to see the implementation of policies that favor deregulation, low corporate taxes and infrastructure spending,” Brock said. “This could greatly benefit the middle class in states with strong manufacturing, energy production and agriculture sectors. Texas is at the top of their list.”

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Ohio: Manufacturing Can Lead to Middle Class Gains

If Trump wins in November, Ohio could see higher middle-class wages, Ambrose and Brock said.

“Trump’s policies, particularly his support for job growth in manufacturing states like Ohio, could lead to higher wages for the middle class,” Ambrose said. “These states are likely to feel the positive impact of his economic agenda, particularly for middle-income earners.”

Trump’s broader economic impact on the middle class

While Trump’s campaign promises focused on lifting up the middle class, experts suggested his policies could have mixed results. The Brookings Institute, a nonpartisan think tank, concluded that “the 2017 tax law does nothing to help the middle class. The benefits of the law are now and in the future largely concentrated in the hands of the wealthy.”

This suggests that similar policies during a second Trump term could result in minimal tax relief for the middle class, while potentially widening budget deficits.

Trump’s views on trade, and particularly his proposed tariffs, could have unintended consequences for middle-class consumers.

The Peterson Institute for International Economics estimated that Trump’s proposed 10% all-round tariff on foreign imports and up to 60% on Chinese goods could reduce net income by 3.5% for those in the bottom half of the income distribution. So a typical middle-income household could see about $1,700 in higher taxes each year because of these tariffs.

The last word

As always, a disclaimer. While candidates’ economic plans may sound promising, it’s always a good idea to take them with a grain of salt. What candidates say on the trail and what policies they’re able to implement can vary — and of course, many have to go through Congress.

Keep in mind that the economy does not operate in a vacuum. It is complex and influenced by many factors — from global events to technological breakthroughs — that no president can fully control.

No matter what happens, middle-class Americans need to stay informed about potential changes. Your financial situation is unique to you, so it’s always a good idea to consult a financial planner to figure out what your best move is right now — regardless of the election results. After all, being financially prepared is a smart strategy no matter who ends up in the White House.

Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and to provide balanced reporting on politically focused financial stories. For more coverage on this topic, check out 6 States Where Middle-Class Wages Could Rise If Kamala Harris Wins in November.

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This article originally appeared on GOBankingRates.com: 2 States Where Middle Class Wages Could Rise If Trump Wins in November