income tax

Policy

donald trump, president trump, tax plan

New York’s top elected officials, aware of the political leanings of their constituents, continue to be outspoken in their opposition to President Trump and his administration. As Crain’s reports, City Comptroller Scott Stringer serves as one of New York’s most vocal assailants on Trump, with 50 percent of his press releases written this month attacking the president’s policy proposals. In a report released this week, Stringer analyzed Trump’s proposed federal income tax law and found that it disproportionately benefits the highest-income earners in New York. If adopted, 40 percent of all single parents would see their taxes go up, compared to 90 percent of millionaires who would see a reduction, according to Stringer.

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City Living

image of the financial district

It’s time for Uncle Sam to start writing tax refund checks, and according to the IRS he’ll be shelling out the most in the Financial District. As the Post reports, “One-percenters living in the Financial District have the highest taxable income, the biggest tax bills and get the largest refunds in New York City.” 

Though zip codes 10012 and 10013 (which make up parts of the West Village, Soho, Tribeca and the Lower East Side) are the most expensive in terms of real estate, it’s FiDi’s 10005 that is the richest in terms of earnings. The average annual taxable income for residents here is $948,979, and they pay $254,835 in taxes and get refunded $74,079.

Which other neighborhoods topped the list?

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