Critics say Trump tax plan could hurt New YorkersPosted: Updated:
There is a growing concern in Westchester, and in the state, that President Donald Trump's new tax plan could hurt New Yorkers more than it could help them.
Some residents fear taxes could get even more expensive if President Trump's plan goes through. But the president insists his tax reform plan would cut income taxes for nearly everyone.
With the new plan, standard deductions would be doubled and tax brackets would be whittled down to 12 percent, 25 percent and 35 percent.
Several state leaders say the tax plan would do more harm than good because it eliminates deductions for local and state taxes. This would potentially raise the federal bill for homeowners.
Gov. Andrew Cuomo's Office says the tax plan could cost the average New Yorker $5,300 a year.
It is still unclear who would benefit from the proposed lower tax rates.