Trump Plan Would Give NYC Millionaires Tax Break: Comptroller

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By Gerald B. Silverman

New York City millionaires would get an average tax cut of $113,000 a year under the tax plan proposed by President Donald Trump during his campaign, according to an analysis from New York City Comptroller Scott M. Stringer (D).

The analysis, released March 30, said 40 percent of those with incomes between $100,000 and $250,000 would get a tax increase under the plan.

“It’s a plan that exacerbates wealth gaps at the expense of low-income, single parents,” Stringer said in a statement. “If President Trump moves forward with the tax plan he proposed during the campaign, I believe it will take New York backwards.”

The report said more than 95 percent of New York City taxpayers with incomes between $500,000 and $1 million, and more than 90 percent of those with incomes above $1 million would pay the same or less in taxes under the plan.

Other conclusions in the report are that under Trump’s proposed plan:

  •  18.6 percent of New York taxpayers would face a higher tax liability;
  •  New Yorkers would get $5 billion in annual tax cuts, with about two-thirds going to filers making more than $500,000; and
  •  lower marginal tax rates on ordinary income and capital gains, along with elimination of the alternative minimum tax, would cut taxes for those earning more than $500,000, unless they’re offset by limits on itemized deductions.

To contact the reporter on this story: Gerald B. Silverman in Albany, N.Y. at GSilverman@bna.com

To contact the editor responsible for this story: Ryan C. Tuck at rtuck@bna.com

For More Information

Text of the report is at http://src.bna.com/nuC.

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