By Scott M. Stringer
We know from history that ‘trickle-down’ economics has never helped working families move up the economic ladder. It’s a sleight-of-hand that helps America’s millionaires and billionaires.
But if candidate Trump’s tax plan is the blueprint for President Trump’s upcoming tax proposal, he would be giving away big breaks to the very top at the expense of all of us.
Last week, my office released a first-of-its-kind analysis of how Donald Trump’s tax plan – as proposed during the campaign – would affect New York City taxpayers. Plain and simple, it’s a tax plan written by millionaires, for millionaires.
It’s a Mar-a-Lago special.
On average, NYC millionaires’ tax bills would decrease by a whopping $113,000 – which is more than double the median household income for New York City. Meanwhile, the average cut for families making under $50,000 would be less than $300. What’s worse, nearly 40 percent of single parents would face a higher tax bill, including 75 percent of those who make $50,000 to $100,000. Nearly half of single filers with incomes between $100,000 and $500,000 would also pay more in taxes.
At a time when we already have astounding wealth gaps across this city and across this country, the Trump tax proposal, if implemented, would only exacerbate them. This plan is a tax giveaway to millionaires and billionaires that’s paid for by the rest of us.
It also comes with a hefty $2 trillion price tag, which would undoubtedly be paid for by cutting Federal spending and aid to our city.
Americans across the country spoke out to protect the roll-back of healthcare coverage, and it’s everyday New Yorkers who – I believe – will stand up against these big giveaways.
With our future at stake, and as President Trump’s tax plan moves through Washington, we’re going to keep following it every step of the way. If we’re going to be competitive in the 21st century, we have to be a fairer New York – and a fairer America.
Scott M. Stringer is the 44th Comptroller of the City of New York.
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