Email, Abigail Salvatore, communications director, Empire Center for Public Policy, Dec. 28, 2017
Here are some thoughts from EJ:
Please look at my Dec. 13 blog post which answers the question. Money graf: “Yet, as shown in the table below, even with the additional cut in the top rate, the combined federal, state and local income tax rate on the wage, salary, bonus and self-employment incomes of the highest-earning New York City residents would still increase by a little more than a percentage point—to 49.7 percent from the current 48.45 percent, or to 53.27 percent from 52.02 percent for self-employed people already subject to New York’s “millionaires tax.”
Cruz was generally correct—but what he said is true of all NYC, not just Manhattan, although Manhattan is where income millionaires are most concentrated.
Let me know you have further questions—EJ would be happy to answer.
All the best,
Empire Center for Public Policy