Wealthy NYC Elites Prepare To Flee The City Under De Blasio’s Tax Burden

ㅤ”Wealthy New Yorkers can currently lower their federal taxable income by more than $100,000 through a provision of the tax code known as the State and Local Tax Deduction, or SALT. The average SALT deduction in the Manhattan area is at least $60,000.
ㅤThe Republican bill will cap the deduction amount at $10,000, meaning wealthy New Yorkers who currently write off expensive real estate could face an extra six figures in taxable income.”


Full story at The Daily Caller, image from crainsnewyork(.com) • democratic party, democratic socialists, democrats, progressives, salt, socialists, standard deduction, tax deductions, de blasio, nyc ㅤ Home

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