Madmallard
.223 Rem
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.
Families in New York’s economically struggling upstate regions — where typical households most closely match the middle-American profile congressional Republicans were aiming to help most — pocketed the biggest tax cuts.
Even in New York’s more affluent downstate suburbs, middle-class families are learning — to their surprise, if they believed the governor — that the new tax law isn’t costing them after all.
For most New Yorkers, lower federal tax rates, a much larger standard deduction, a vastly expanded child credit and a rollback of the Alternative Minimum Tax have offset the SALT cap.
Judging by publicly released details of his 2017 return, Cuomo himself may have saved nearly $10,000 for 2018.
https://nypost.com/2019/04/11/surprise-most-nyers-did-well-by-trumps-tax-cuts-but-very-rich-at-risk/
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.
Families in New York’s economically struggling upstate regions — where typical households most closely match the middle-American profile congressional Republicans were aiming to help most — pocketed the biggest tax cuts.
Even in New York’s more affluent downstate suburbs, middle-class families are learning — to their surprise, if they believed the governor — that the new tax law isn’t costing them after all.
For most New Yorkers, lower federal tax rates, a much larger standard deduction, a vastly expanded child credit and a rollback of the Alternative Minimum Tax have offset the SALT cap.
Judging by publicly released details of his 2017 return, Cuomo himself may have saved nearly $10,000 for 2018.
https://nypost.com/2019/04/11/surprise-most-nyers-did-well-by-trumps-tax-cuts-but-very-rich-at-risk/
