NewYork could lose some top earners under GOP Tax Bill

New York City could lose some of its highest-income residents if the tax bill making its way through the US Congress becomes law, according to estimates from Goldman Sachs Group. Initial analysis suggests that the legislation “could eventually lower the number of top-income earners in New York City” by 2 per cent to 4 per cent, Goldman economists led by Jan Hatzius wrote in a note dated November 24. The trigger would be a provision that restricts the ability of taxpayers to deduct the levies they pay to state and local authorities, which would hit locations with relatively high rates.