If you ask your average American, nothing is sadder than a billionaire having to pay too much in taxes, right? Especially in this economy. Thankfully for the wealthy, President Trump and his policy-making administration seem to try to gracefully walk the line of defining who gets what benefits and when.
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Whether you are in the market for sweeping tax cuts, aggressive tariffs or a crypto overhaul, the White House, with an assist from Congress, is making quick work of reshaping the financial landscape. But how do these political moves assist the affluent? Here are the top five ways Trump’s policies can really help out wealthy people who could use a(nother) leg up.
No. 5: Let Them Eat Breaks … on Their Taxes
Oh, that One Big Beautiful Bill Act (OBBBA) feels too good to be an overreach, but it does seem to offer some great tax breaks and benefits for the 1%. Wealthy individuals stand to gain the most from these reforms, enjoying drastically lower tax liabilities and more disposable income to invest or save.
Businesses and entrepreneurs may also benefit from fewer financial constraints, allowing for expanded growth opportunities. Long story short, if you’re a millionaire, you’re also in luck. Trump’s plan to eventually eliminate Social Security taxes would lead to about 20% of the households earning more than $5 million a year getting a tax cut, which puts you in the right bracket for some government cheese.
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No. 4: No Tariffs, Ands or Buts About It
Though levied taxes on imported goods seem to tariff everyone apolitically, it remains a centerpiece of Trump’s vision as to how his administration can fight inflation. His plan includes imposing tariffs, which now range anywhere between 10% to 50%, on imports from countries like China, Canada, Mexico and many more to encourage domestic production and make foreign competitors “pay their dues.”
Wealthy individuals with stakes in domestic industries may see significant gains as tariffs boost demand for American-made goods. Certain sectors, such as manufacturing, could experience renewed investment and growth. However, former White House buddies like the richest man in the world Elon Musk have voiced disapproval of tariffs, as they would hurt Tesla’s ability to make more EV money.
No. 3: The Rich Love a Trader
Trump’s trade policies center around imposing steep tariffs on Chinese imports, in the hopes of revitalizing domestic industries and reducing reliance on foreign manufacturing. Go America! While these measures appeal to proponents of economic nationalism, they come with a mixed bag of consequences.
Everyone loves U.S. manufacturers having a competitive edge and creating new investment opportunities in domestic markets, especially affluent investors. This opens avenues to capitalize on industrial growth, and capitalism loves it when someone gets to capitalize.
No. 2: It’s Better To Buy Real Estate and Wait Than Wait To Buy Real Estate
The wealthy know that it is better to have someone pay your mortgage for you than to pay it yourself. Investing in real estate can be a bit more lucrative under this political regime, as Trump’s policies have historically benefited real estate developers through tax incentives, such as expanded bonus depreciation and like-kind exchanges. The introduction of Opportunity Zones has further incentivized investment in economically distressed areas, while deregulation has streamlined project approvals.
These policies created lucrative opportunities for developers and investors, but also sparked concerns about wealth inequality and gentrification. Simply put, rich real estate investors may enjoy reduced taxes and increased investment opportunities, making it easier to build generational wealth. Deregulation could also lower costs, encouraging more expansive development projects.
No. 1: At Least You Have Your Healthcare
And finally, the number one way Trump’s policies can help out rich people who just need a bit more is … implementing a privatizing approach to healthcare and social programs. These initiatives focus on cutting government spending and shifting more responsibility to individuals.
Healthcare in America, a system where you have the privilege of paying for access to a network where you then can pay for services, is already privatized. However, certain new policies and bills reduce funding for Medicare and Medicaid, aiming to save public money, but could weaken the support systems many people rely on. It would seem that this may only work out for you if you already have a robust net worth.
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This article originally appeared on GOBankingRates.com: Top 5 Ways Trump’s Policies Could Help Rich People in Need
