Upper East Siders might not be too thrilled with the income tax cuts proposed by House Republicans last week.
That’s because New York’s 12th Congressional District has the highest concentration of people who make more than $1 million annually, who won’t benefit from the proposed rate cuts, Bloomberg reported. Instead, this income tier — families who make $1 million or individuals who make $500,000 or more — will continue to pay the top individual rate of 39.6 percent.
President Trump and House Speaker Paul Ryan previously called to decrease the rate to 35 percent, but that didn’t pan out. The bill does, however, include significant rate cuts for corporations, businesses and most individuals, according to Bloomberg. The plan could, however, hurt homebuyers and affordable housing initiatives.
Though District 12, which is represented by Democrat Carolyn Maloney, has the largest percentage of taxpayers in the highest income bracket, few residents have reported million-dollar incomes. According to 2015 data from the Internal Revenue Service, only 2.86 percent of filers in the district reported $1 million-plus incomes. [Bloomberg] — Kathryn Brenzel