Trump isn’t helping middle class
To the editor:
While most of the news about Trump is about his tweets, his wall, the Russians — there is something in the administration that will affect more of us in a harder way than any of that. Trump’s treasury director, Steve Mnuchin, plans to eliminate the property tax deduction. This would save the Treasury billions, but how much would it cost us, the middle class?
In the village of Saranac Lake, there are approximately 900 homes that are year-round owner-occupied. They pay an average of just over $3,000 a year in property taxes on a $150,000 home. Removing the local property tax deduction would cost the average person an extra $750 per year. If you pay more than $3,000 in property taxes, your income taxes will increase even more. We argue about how much “the wall will cost” and if we should fund things like PBS. Meanwhile, a little-known tax change would cost middle class taxpayers more than either of these.