Inside Wall Street's Towers, Traders Grouse Over Trump Tax Plan
By , , and- Many are figuring out greater benefits will go to billionaires
- One, sipping a Bloody Mary, vows to quit the Republican party
They thought they’d be celebrating.
Wall Street traders who rake in hundreds of thousands of dollars a year or more eagerly awaited a Republican overhaul of the U.S. tax code. Now, many are huddling with accountants and concluding the real gains will go to billionaires and other captains of the industry. Those in trenches -- the merely wealthy -- are grousing.
Atop their list of worries: New limits on deductions for mortgage interest and state and local taxes -- relatively high throughout New York, New Jersey and Connecticut -- will cost them thousands of dollars annually while depressing the value of their homes. That would chop local tax revenues and erode the quality of schools and other amenities traders expect for their families.
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