Statement From NYC Comptroller Scott M. Stringer on President Trump’s Tax Plan
April 26, 2017
(New York, NY) – New York City Comptroller Scott M. Stringer released the following statement on President Trump’s proposed tax plan, released today:
“This is a gift to the Mar-a-Lago crowd. It’s written by millionaires, for millionaires and it will be paid for by the rest of us through brutal cuts in federal spending. It comes at a time when we have an income inequality crisis like never before in America, when we need to be a country where everyone pays their fair share. Instead, the proposed elimination of the Alternative Minimum Tax demonstrates that President Trump’s plan aims to benefit himself and people like him.
“For New York City, with the potential elimination of local and state tax deductions, this plan would do serious damage. This isn’t a plan to deliver growth – it’s a recipe to destabilize our economy and widen the gaps between the wealthiest and those most in need. Slashing corporate tax rates to 15%, as the president proposes, will result in massive budget deficits that could and will be offset by dramatic funding cuts.
“While this announcement is devoid of granular specifics, after releasing a first-of-its-kind analysis on candidate Trump’s tax plan and its effect on New York, we’re going to continue to run the numbers on President Trump’s proposal and follow this closely. At the moment, this broad outline appears to be abominable.”
Last month, Comptroller Stringer released a comprehensive analysis that showed how candidate Trump’s tax plan would affect New York City taxpayers. That initial analysis, which will be updated to reflect the proposals announced today, showed the following:
- Nearly 40% of single parents would face an increased tax bill – including 47% of single parents who make $25,000 to $50,000 and 75% of those who make $50,000 to $100,000.
- More than 95% of taxpayers with income between $500,000 and $1 million and almost 92% of those with income above $1 million would pay the same or less in taxes than they do today.
- On average, millionaires’ tax bills would decrease by $200,000, which could rise with today’s plan.
- Despite representing less than 2% of taxpayers, those with incomes over $500,000 would receive almost two-thirds of the total tax cut.
- Over one-third of those with incomes between $50,000 and $250,000 would pay more in taxes if this plan were enacted.
To view that analysis, click here.