President Trump speaking on tax reform in Springfield, MO., Aug. 30, 2017. (Photo: YouTube)
NEW YORK CITY – New York CRE professionals are recoiling from President Donald Trump's tax reform that proposes eliminating state and local income and property tax deductions on federal returns. In 2014, New York County nationally took the highest state and local deductions per tax return, deducting an average of $24,898.
The New York Building Congress issued the following statement: "The proposal to eliminate the federal deduction for state and local property taxes must be considered a non-starter for every one of New York State's elected representatives in Congress. This provision would be crippling to the middle class, sharply decrease our competitiveness as a city and state, and do considerable harm to the national economy by robbing New York City of the funding it needs to invest in its infrastructure and other vital services."
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
