Your current web browser is outdated. For best viewing experience, please consider upgrading to the latest version.

Contact

Send a question or comment using the form below. This message may be routed through support staff.

Email Article

ERROR
Main Error Mesage Here
More detailed message would go here to provide context for the user and how to proceed
ERROR
Main Error Mesage Here
More detailed message would go here to provide context for the user and how to proceed

Manhattan Institute

search
Close Nav
Share this commentary on Close

Surprise: Most NYers Did Well by Trump’s Tax Cuts but Very Rich at Risk

commentary

Surprise: Most NYers Did Well by Trump’s Tax Cuts but Very Rich at Risk

New York Post April 12, 2019
EconomicsTax

By midnight Monday, more than 9 million New Yorkers will have filed their income tax returns for 2018. And most will then have cause to wonder what the Great New York SALT Panic of 2018 was all about.

Gov. Andrew Cuomo portrayed President Trump’s tax reform and its $10,000 cap on state and local tax deductions as a disaster for the Empire State — “an all-out direct attack on New York’s future” that would effectively raise state and local taxes on middle-class families by 25 percent, as Cuomo predicted in January 2018.

In the months that followed, the governor would frequently repeat the 25 percent tax-hike warning, often adding the claim that residents of downstate suburbs would face an average tax hike of $6,400.

All of this was grossly misleading, to say the least, as New Yorkers are now realizing. In fact, despite the SALT cap, the vast majority paid lower taxes for 2018 than they would have under the previous federal law.

Continue reading the entire piece here at the New York Post

______________________

E.J. McMahon is research director at the Empire Center for Public Policy and an adjunct fellow at the Manhattan Institute.

Photo by iStock

Saved!
Close