NEW YORK CITY — Comptroller Scott Stringer blasted President Donald Trump's tax plan on Thursday — saying that the proposal would increase taxes for working and middle-income families and cut funding for numerous city and federal aid programs that assist thousands of New Yorkers.
“What Trump promised during the campaign looks like a tax plan created for the Mar-a-Lago elites," Stringer said on Thursday. "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."
If Trump's tax reform were to move forward, taxes would increase for the 300,000 residents who make $50,000 to $250,000 a year thanks to the plan's higher marginal tax rates and elimination of personal exemptions, Stringer found in a report released Thursday.
Single parents would be at the greatest risk.
"A single mother raising two kids on less than $50,000 a year would face a tax increase of $464," the report states.
Millionaires' tax bills on the other hand would decrease by $113,000, not including savings they could realize by the president's corporate tax reform, the Comptroller's findings show.
Those making less than $50,000 would only save only a couple of hundred dollars and still face the loss of New York City Services.
To make the tax proposal work, at least $400 million in city programs would be cut — including funding to support code enforcement activities, family homeless shelter operations, adult literacy programs, low-income heating programs, grants for hiring more effective teachers and principals in public schools, rental assistance programs.
More than $2 trillion in federal funds would need to be slashed, which would affect Homeland Security Grants that support NYPD counter-terrorism, funding to public housing and Section 8 rental vouchers, and public housing capital funding, the report states.
Stringer said that if President Trump moves forward with the plan it will take New York "backwards."
“Embracing ‘trickle-down’ has never helped working families move up the economic ladder — it’s a sleight-of-hand that helps America’s wealthiest,” he said.
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