Financial planner: Trump tax plan would hurt middle class Long Islanders

<p>President Donald Trump's new tax reform plan may be beneficial to some residents with higher incomes, but middle class homeowners on Long Island could be hurt by the removal of state and local tax deductions.&nbsp;</p>

News 12 Staff

Sep 28, 2017, 9:52 PM

Updated 2,486 days ago

Share:

Financial planner: Trump tax plan would hurt middle class Long Islanders
President Donald Trump's new tax reform plan may be beneficial to some residents with higher incomes, but middle class homeowners on Long Island could be hurt by the removal of state and local tax deductions. 
The Republican proposal would consolidate the number of tax brackets from seven to three, decrease the highest tax bracket rate to 35 percent, cut the corporate tax rate to 20 percent and slash the small business tax rate by nearly 14 percent. 
Michael Solomon, of Greenport, is pleased with President Trump and his tax reform plan. He falls in the highest tax bracket and is a business owner. Accountant and financial planner Robert Eckhardt says that makes the president's proposal a win-win for him.
"His top bracket is 39.6 percent currently, and the tax proposal right now, we're looking at 35 percent. That's good news for Michael," says Eckhardt.
However, the same is not true for Christine Bressingham, of Holtsville, who works as a consultant in Eckhardt's office. He says Bressingham and other middle class homeowners on Long Island could be hurt by an aspect of the plan that calls for the removal of state and local tax deductions. That would be a big deal in Nassau and Suffolk, where residents pay some of the highest taxes in the nation.
Gov. Andrew Cuomo called Trump's tax plan "ludicrous." He says it amounts to an illegal double tax for many state residents.
The governor's office released a statistical analysis that found that without being able to deduct state and local taxes, nearly 1 million Long Island taxpayers would see an increase of $4,500 dollars in federal taxes. 


More from News 12
0:56
Plans for cell tower in West Islip struck down by state officials

Plans for cell tower in West Islip struck down by state officials

2:06
Sun, clouds and an isolated afternoon shower on Long Island

Sun, clouds and an isolated afternoon shower on Long Island

0:19
Police: Brooklyn man arrested for unlawful possession of gun, knife following traffic stop in Woodbury

Police: Brooklyn man arrested for unlawful possession of gun, knife following traffic stop in Woodbury

0:49
Global technology outage causes flight delays, cancellations on Long Island

Global technology outage causes flight delays, cancellations on Long Island

0:15
Police: Senior woman hit by car, seriously injured in Commack parking lot

Police: Senior woman hit by car, seriously injured in Commack parking lot

0:19
Police: Dirt bike rider killed in East Patchogue crash

Police: Dirt bike rider killed in East Patchogue crash

1:41
 Officials: COVID-19 has hit high levels in several states, including Connecticut

Officials: COVID-19 has hit high levels in several states, including Connecticut

2:29
Long Island residents face a myriad of issues due to global tech outage

Long Island residents face a myriad of issues due to global tech outage

0:29
Police: Motorcyclist killed after striking NICE bus in Lynbrook

Police: Motorcyclist killed after striking NICE bus in Lynbrook

0:41
Prosecutors: Driver had BAC twice the legal limit during fatal Deer Park nail salon crash

Prosecutors: Driver had BAC twice the legal limit during fatal Deer Park nail salon crash

2:21
Massive technology outage impacts LaGuardia Airport

Massive technology outage impacts LaGuardia Airport

0:28
Police: Hauppauge crash causes fuel spill on Motor Parkway

Police: Hauppauge crash causes fuel spill on Motor Parkway

0:35
North Merrick Library hosts Pokémon event with cards, crafts and characters

North Merrick Library hosts Pokémon event with cards, crafts and characters

2:01
‘You do have shared vulnerabilities.’ Security experts explain risks associated with global IT outage

‘You do have shared vulnerabilities.’ Security experts explain risks associated with global IT outage

1:30
Students take part federal court program in Central Islip

Students take part federal court program in Central Islip

A massive tech outage is causing worldwide disruptions. Here's what we know

A massive tech outage is causing worldwide disruptions. Here's what we know

5:00
Tech expert weighs in on Microsoft outage impacts across the globe

Tech expert weighs in on Microsoft outage impacts across the globe

Northwell Health activates emergency operations center amid technology outage, NYU Langone remains open

Northwell Health activates emergency operations center amid technology outage, NYU Langone remains open

Prosecutors: Bellport woman indicted for alleged hit-and-run crash that killed volunteer firefighter

Prosecutors: Bellport woman indicted for alleged hit-and-run crash that killed volunteer firefighter

2:27
Food Truck Friday: Roxy's Ice Cream Truck

Food Truck Friday: Roxy's Ice Cream Truck