Single parents would pay for tax cuts for nearly all of New York City’s millionaires under President Trump’s tax reform plan, the city controller said Thursday.
City Controller Scott Stringer said Trump’s plan, as proposed during his campaign, would lower taxes for millionaires by an average of $113,000, while nearly half of single parents with children would pay more.
“It’s written by millionaires, for millionaires. It’s a Mar-a-Lago special,” said Stringer — referring to Trump’s lavish Palm Beach, Fla. resort — at a press conference announcing his analysis.
US President Donald Trump sits in the drivers seat of a semi-truck as he welcomes truckers and CEOs to the White House in Washington, DC, March 23, 2017, to discuss healthcare.
According to Stringer’s report, more than 95% of taxpayers with income between $500,000 and $1 million would pay the same or less than they do today. More than 300,000 single New Yorkers with children would face higher taxes, he said.