President Trump’s proposed tax reform proposal would pour salt into the wounds of poor New Yorkers, according to an analysis Wednesday from the guardian of the city’s finances. City Controller Scott Stringer took aim at the elimination of the deductibility of state and local taxes in the Trump tax reform proposal released in April by Treasury Secretary Steven Mnuchin and economic advisor Gary Cohn. The deduction, known as SALT, was targeted by the White House because it offers a loophole to the rich, the Trump administration said. If the President’s tax reform proposal becomes law, the SALT deduction will disappear, White House officials said. But Stringer’s analysis found that poor and working-class New Yorkers would feel the pinch the most. Currently 60% of the almost 1.3 million households in the city who currently benefit from this provision, have incomes below $100,000, Stringer’s report found. That’s 740,000 families. Almost three out of every four city filers making between $75,000 and $100,000 would face higher tax bills if SALT were elminated, he said. And one in five of those beneficiaries makes below $50,000. The SALT deductions total about $32 million in state and local income property taxes for New Yorkers who claim… Read full this story
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