The tax bill approved by the Senate is many things, offering a huge tax cut for corporations, lower rates for the wealthy, and a big victory for Republicans and the White House.
It is also an economic dagger aimed at high-tax, high-cost and generally Democratic-leaning areas — most notably New York City and its neighbors.
The bill, if enacted into law, could send home prices tumbling 10 percent or more in parts of the New York area, according to one economic analysis. It could increase the regional tax burden, complicating companies’ efforts to attract …read more
Source: New York Times