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An Income Tax Cut From President Trump? Investors Aren’t Holding Their Breath

US President Donald Trump speaks during the Women in Healthcare panel at the White House in Washington, DC, March 22, 2017. Photograph by Jim Watson—AFP/Getty Images

Those federal income tax cuts promised by President Donald Trump?

Well, they’re not coming anytime soon, according to a poll of investors released Thursday.

According to the study from Wells Fargo and Gallup, 70% of investors polled between Feb. 10-19 say that their tax rates will either rise or stay the same over the next few years. The study surveyed 1,007 investors with at least $10,000 in investments.

That suggests that investors don’t think the Republican President will be able to enact the income tax cuts he promised on the campaign trail. Last year, Trump pledged to radically cut taxes for Americans. The plan he later laid out appeared to give significantly deeper cuts to the wealthy.

So it may come as a surprise that a majority of investors polled in this study—67%—earn over $90,000 annually. Those earning on and above that threshold are expected to get a tax break under President Trump, at least based on calculations from the Tax Foundation.

According to those estimates, a family of four earning $90,000 a year would supposedly pay $1,292.50 less in taxes, while a single person earning the same amount would pay $646.25 less in taxes.

Granted, those estimates were based off of Trump’s tax plan from his campaign days—and as President, he has yet to reveal a concrete plan regarding income tax. Perhaps investors are still tempering their hopes as the changes have yet to be officially passed.

Another possible factor is the U.S. budget deficit, said Joe Ready, head of Wells Fargo (WFC) Institutional Retirement and Trust.

“They may be just skeptical now because expenditures such as military are rising, and investors wonder how that will be paid for,” he said.

But really, tax breaks won’t matter much—at least not in terms of the wider economy. While theoretically, more money in the pockets of consumers would lead to more spending and economic growth, a majority of investors polled by Wells Fargo say that even if they did get a tax break, they wouldn’t spend it. Instead, 47% said they would put the funds into savings and investments, while another 24% said they’d use it to pay down debt.

Just 18% said they’d use their funds for everyday spending or a special purchase—great for the state of retirement planning, but not so great for Trump’s ambitious 4% GDP growth target.