760,000 in city would pay MORE

THE GOP TAX plan would hike taxes for 760,000 New York City taxpayers — with an average hit of almost $5,000, according to an analysis by City Hall.

Of the 3.9 million households in the city that file federal taxes, most of the rest would get a tax cut — saving around $1,000 on average.

“It’s a plan that allows businesses across the country to save at least a trillion dollars over the next 10 years,” first Deputy Mayor Anthony Shorris said at a briefing at City Hall. “While there are clearly some families who will save a few dollars, middle class families, there are millions of others who will pay more.”

The plan would end a deduction for city and state taxes, which is currently used by 617,000 taxpayers. It would cap deductions of property taxes at $10,000. Many New Yorkers who itemize their taxes are likely to lose out, while those who don’t would benefit from the doubling of the standard deduction.