The Tax Cut and Jobs Act (TCJA) was signed into law by President Trump in December 2017. Most New Yorkers pay less in taxes under the new law, thanks to the near doubling of federal standard deductions, cuts in tax rates, a narrowing of the Alternative Minimum Tax, and expansion of the child credit.
On the other hand, the new tax law included a $10,000 cap on state and local tax (SALT) deductions. This will help offset the costs of the tax cuts for individuals and corporations, and will raise at least $600 billion in revenues over the 10-year period.
The Tax Policy Center estimated 8.3 percent of New Yorkers will pay more with the new law, compared to 6.3 percent nationally. Most of the losers are concentrated within the top 1 percent of the income pyramid—especially in New York City, where the combined top-bracket rates rate will now be higher.
The interactive map below depicts how the federal Tax Cuts and Jobs Act (TCJA) will affect New York taxpayers in two different adjusted gross income (AGI) ranges: $75,000 to $100,000, and $100,000 to $200,000.
More on TCJA and the SALT cap:
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SALT suit swept aside by E.J. McMahon,
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Cuomo’s SALT Flop by E.J. McMahon,
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Cuomo keeps pounding SALT by E.J. McMahon,
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Here comes federal “Tax Reform 2.0” by E.J. McMahon,
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More on that flaky SALT suit by E.J. McMahon,
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A SALT cap surprise (so far) by E.J. McMahon,
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Another SALT work-around emerges by E.J. McMahon,
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Looking ahead to next year’s Tax Day by E.J. McMahon,
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Cuomo’s big stealth tax hike by E.J. McMahon,
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