NY Daily News: D.C.’s Budget Takes Dead Aim at NYC

The Institute on Taxation and Economic Policy finds that 84% of the tax cuts received by New York State residents would go to the richest 1% of households here — those with income of at least $872,000. The one-percenters would get an average tax break of nearly $104,000, or 314 times the $330 that a middle-income New York household would receive.

Meantime, an estimated 22% of New York households, almost all of them middle class, would face higher federal taxes, mainly because of the proposed elimination of the deduction for state and local taxes.

The average tax hike would be greater here than in any state except for California. Read more

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