Tax cuts for the rich.
President Trump's new tax proposal will create large cuts for the 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 worth of 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."