The tax plan President Donald Trump proposed during his successful campaign against Hillary Clinton would raise taxes on many poor New York City residents and cut taxes for nearly all the city’s millionaires and billionaires, the municipal comptroller said Thursday.
Calling the plan a “Mar-A-Lago special” — a jab at Trump’s Florida getaway estate — Comptroller Scott Stringer said taxes could go up for 40 percent of single parents in some categories, who would see average increases as high as $50,000, and millionaires would see average cuts of at least $113,000, according to Stringer
“Plain and simple, this tax plan would carve out tax breaks for the rich, instead of lifting up working Americans,” Stringer said at a news conference in his downtown Manhattan office. “It’s a tax plan by millionaires for millionaires.”
Stringer, a Democrat, drew the conclusions based on an analysis of the tax records of 365,000 city households, simulating how their taxes would change based on what Trump, a Republican, promised and proposed during the 2016 race.
Based on the office’s extrapolation, single parents with kids — more than 300,000 filers — would see higher taxes, and more than a third of all taxpayers who earn between $50,000 and $250,000 would pay more, according to Stringer’s 12-page report.
Those who make more than $500,000 represent less than 2 percent of the city’s tax filers and pay more than half the city’s taxes, according to Stringer’s deputy comptroller for budget, Preston Niblack. Steven Giachetti, Stringer’s chief of revenue estimation, said two thirds of the Trump cuts would go to that category.
“These tax breaks are for the millionaires and billionaires,” said Michael Kink of the union-backed Strong Economy for All Coalition. “These are not for the little guy.”
Trump’s four-page tax plan is called “TAX REFORM THAT WILL MAKE AMERICA GREAT AGAIN,” according to the campaign website accessed Thursday. It aims, among other goals, for “tax relief for middle class Americans” and to “simplify the tax code.”
The White House press office did not return a message seeking comment.