Nadler wants tax break for New Yorkers just for living here
Happy Tax Day! As millions of procrastinating Americans rushed to file their tax returns to beat the midnight deadline on April 15, three members of New York’s congressional delegation re-introduced legislation to give residents of large, expensive cities like New York a big break.
Congress members Jerrold Nadler (D-Brooklyn-Manhattan), Nita Lowey (D-Westchester) and Steve Israel (D-Long Island) announced the re-introduction of the Tax Equity Act, a tax-reform bill that would adjust federal tax brackets to reflect the actual cost of living in major metropolitan areas. The lawmakers contend that their districts are home to constituents who pay higher taxes and deal with higher basic living costs than most Americans.
In areas where living costs are higher than the national average, this bill would require the IRS to adapt tax brackets accordingly. It would not affect the taxes of those with living costs below the national average, the lawmakers said.