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.

Learn more about the map.

More on TCJA and the SALT cap:

You may also like

The post-pandemic comeback: how far are we from normal?

Now that the COVID-19 "emergency" is in the rearview mirror, how far is New York's economy from its pre-pandemic normal level? Read More

Remote Threat 

Remote work and a more mobile professional class will increase the speed and scope of New York's ongoing out migration. Read More

New York’s Medicaid Rolls Kept Pace with a Nationwide Surge During the Pandemic

New York's Medicaid and Child Health Plus programs added three-quarters of a million enrollees during the coronavirus pandemic, roughly matching the pace of a national surge in sign-ups. Read More

Through Q1, the post-pandemic income bounce was lower in NY than in most states

Personal income in New York bounced back more slowly than the national average during the first quarter of this year, according to new data Read More

Empire Center Demands Dozens of Coronavirus Data Sets from the NYS DOH

The Empire Center filed 62 Freedom of Information Law requests for coronavirus-related records from the Department of Health. Read More

A Shadowy Non-Profit that Employs One-Fifth of the New York State Health Department Claims To Be Exempt from FOIL

In another blow to transparency in Albany, a non-profit group closely tied to the state Health Department is refusing to publicly disclose its payroll records under the Freedom of Information Law. (HRI) has funct Read More

At current pace, NY is still years away from pre-Covid payrolls peak

New York State's post-pandemic jobs recovery has come a long way—but still has far to go, according to the state employment report for May. Read More

Empire Center’s Budget App Now Includes FY 22 Enacted Budget Data

The Empire Center’s online New York State budget database has been updated to reflect all the key numbers from the enacted budget for fiscal year 2022. Read More

Subscribe

Sign up to receive updates about Empire Center research, news and events in your email.

CONTACT INFORMATION

Empire Center for Public Policy
30 South Pearl St.
Suite 1210
Albany, NY 12207

Phone: 518-434-3100

General Inquiries: Info@EmpireCenter.org

Press Inquiries: Press@EmpireCenter.org

About

The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.

Empire Center Logo Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!