NYC Comptroller Slams Trump Tax Plan: 5 Takeaways

NEW YORK, NY — In the wake of Donald Trump and Congressional Republicans' failure to repeal the Affordable Care Act, it appears the administration's next priority is tax reform. During a press briefing this week, White House Press Secretary Sean Spicer said Trump is “driving the train” on that issue.

What would tax reform drawn up by a politically inexperienced billionaire look like? New York City Comptroller Scott Stringer did an analysis of proposals made during Trump's campaign, and the results don't look good for the majority of New Yorkers.

To get a good idea of who Trump's tax plan would benefit, simply look at the president himself, Stringer said.

"What Trump promised during the campaign looks like a tax plan created for the Mar-a-Lago elites," Stringer said in a statement.

"It’s written by millionaires, for millionaires. President Trump wants to give his friends — and himself — a big tax cut, and force working New Yorkers to pay for it."

Here are five of the biggest takeaways from Stringer's report:

Most rich people will pay less taxes than they do now:

• More than 95 percent of people making between $500,000 and $1 million and more than 92 percent of people making $1 million will see their taxes go down or stay the same.

Tax savings for Millionaires are much higher than for everybody else:

• Here's how median tax savings break down under Trump's campaign tax proposals;
  • People making $0-$25,000: $114
  • People making $25,001-$50,000: $566
  • People making $50,001 to $100,000: $1,233
  • People making $100,001 to $250,000: $1,251
  • People making $250,001 to $500,000: $3,723
  • People making $500,001 to $1 million: $20,046
  • People making More than $1 million: $76,499
  • Overall median savings: $344

The poor will notice almost no change in their after-tax income:

• Trump's tax proposals offer little help to people making between $0 and $25,000. The median change in after-tax income for people in that bracket is less than 1 percent.

Trump's tax proposals will contribute to greater inequality in New York City:

• About 64 percent of the benefits of Trump's tax proposals will go to people making more than $500,000. This means that less than 2 percent of New York City's population will benefit the most from Trump's tax plan, according to Stringer's report.

The plan is especially bad for single parents:

• Trump's tax proposals are most damaging to head of household filers, who are typically single parents. About 40 percent of New Yorkers filing as the head of a household, more than 300,000 people, will face higher taxes.

The Comptroller's office based its analysis of Trump's campaign tax proposals on tax filings from 365,000 New York City households.

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