New York Post

NYers angry at paying ‘unfair’ share

- By EILEEN AJ CONNELLY Additional reporting by Georgett Roberts and Abigail Gepner

Even GOPers say New Yorkers are right to see red over provisions in the Republican tax bill that passed the Senate early Saturday.

“It’s a very unfair bill,” said Rep. Peter King, a Nassau County Republican who told The Post he will vote no when the combined bill reaches the House floor in the coming days.

Many residents of New York, New Jersey and other high-tax states get whacked in the bill — mainly because it will end deductions for state and local income taxes.

The Senate bill also lowers income deductions for property taxes and mortgage interest, key provisions for homeowners in and around the Big Apple.

New York state residents on average claimed a $17,696 deduction for state and local taxes in 2015, the most recent data available, according to the Tax Policy Center.

In New Jersey, the average state and local income-tax deduction was $10,998, data on the Washington-based think tank’s Web site shows.

The bill limits property-tax deductions to $10,000, below the amount claimed by tens of thousands of homeowners in the region, especially in highproper­ty tax cities and towns on Long Island and in New Jersey.

And it caps the mortgage-interest deduction to that paid on the first $500,000 of a loan.

Many of the region’s mortgages are far larger than $500,000. In Manhattan, the average price of a co-op or condo last year topped $2 million. On Long Island, the median home price in Nassau County is over $500,000.

“It’s very damaging to Long Island in particular and New York state in general,” King said.

“It really is a redistribu­tion of wealth, taking revenue and funding away from the Northeast and sending it to other parts of the country.”

Some economists say New York will gain from reduced taxes on corporatio­ns, because so many multinatio­nals are headquarte­red here.

They argue that lower corporate taxes will enable companies to create more jobs and raise wages. Mayor de Blasio disagreed.

“There’s one good thing about this plan — it’s not law yet,” he said at a rally Saturday in the Financial District.

De Blasio said the plan will widen the gap between top earners. He also noted its provisions ending deductabil­ity of student-debt interest.

“This is a paper-thin attempt to target New York City,” said City Comptrolle­r Scott Stringer.

Protester Sam McCann, 27, of Queens, said he is in a bracket that will see taxes rise.

“It’s an ongoing redistribu­tion of wealth from the poor and middle class to the superrich.”

“I just don’t understand the morals behind this,” said Jennifer Fisher, 57, of Manhattan.

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