Business Standard

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.

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