Report: Trump tax policy would largely benefit New York’s wealthy

President Trump’s new tax proposal will create large cuts for New York City’s elite while not substantially helping middle-income families, a new government report finds.

According to Reuters, City Comptroller Scott Stringer estimated that the president’s tax plan, as proposed during the 2016 campaign, is set to give the city’s residents more than $5 billion in tax cuts, with almost two-thirds of the sum going to those who earn more than $500,000 a year.

“We already have astounding wealth gaps across the city and across the country,” Stringer said, as reported by the news source. “The Trump tax code, if implemented, would only exacerbate it.”

{mosads}After examining tax returns of 365,000 New York City households, the comptroller’s office found that 92 percent of New York City’s millionaires would get a tax cut of at least $113,000 under the plan.

Moreover, the report found that 50 percent of single parents who earn between $25,000 and $50,000 will see their taxes increase, Reuters noted.