What is a Trump Presidency likely to mean for higher-income Americans? While no one really knows yet, there are indications that upper-income Americans aren’t likely to see lower personal income tax bills. Today, Steven Mnuchin (pictured), the nominee for US Treasury Secretary, was quoted in The New York Times as saying (during an interview with CNBC this morning): “Any reductions we have in upper income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class…There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it.” This of course just applies to taxes on personal income. Just as important are estate taxes and taxes on businesses and investments, which we are also keeping a close watch on.