reuters.com – By Hilary Russ – Nearly all of New York City’s millionaires would receive big tax cuts under President Donald Trump’s proposed tax overhaul, while more than one-third of moderate- and middle-income families would face increases, according to a government report issued on Thursday. City Comptroller Scott Stringer said Trump’s overall plan, as proposed during the Republican president’s campaign, would give more than $5 billion of tax cuts to city dwellers. But almost two-thirds of that would go to those earning more than $500,000, even though they bear just over one-half of the total tax burden.
“We already have astounding wealth gaps across the city and across the country,” Stringer told a news conference. “The Trump tax code, if implemented, would only exacerbate it.”