Many NYers benefit: experts

Many New Yorkers could actually come out ahead under President Trump’s tax-reform proposal — despite the loss of deductions for state and local taxes — because they’ll likely end up in a lower bracket, experts said.

“If you’re making under $225,000, you’re probably going to see savings,” said Timothy Speiss, a partner at accounting firm EisnerAmpner LLP. “Once you’re over a million, New Yorkers will be seeing a tax increase.”

While the Trump administration hasn’t announced specific ranges for the new tax brackets, Speiss said many people will end up paying less in New York City, where the median household income was $55,752 in 2015.

For example, a Big Apple couple making $200,000 and filing jointly is estimated to save $6,400 under the new plan, Speiss said.

He estimated that a couple making $50,000 will save around $400.

“That’s because they’re in a lower tax bracket under the proposed plan. That’s where the savings come in,” he said.

The same isn’t true for the city’s higher earners, who stand to benefit more from the deduction for state and local taxes.

“Obviously for anyone who itemizes their deductions in New York, that’s always going to be the largest deduction,” said Robert Willens of Robert Willens LLC.

“You’d need to earn well into the six figures before this becomes a real factor for you,” he added.

EisnerAmper estimated that a city resident making $1 million would pay $20,000 more in taxes under Trump’s plan.

“Now if that same person moved to Florida, they’d save around $52,000,” Speiss added.