Recently, in response to a report in the Daily News, the citys Department of Finance rescinded a tax rebate for President Trump that is intended for condo and coop owners because, as we all know, New York City is no longer Trumps primary residence.
Progressive New Yorkers are enjoying this gotcha moment over the denial of the tax break to one of their least favorite people. But we ought to use this moment to ask ourselves a broader question: What is this rebate and who does it serve?
According to the tax expenditure report for fiscal year 2018 prepared by DOF, the city is spending approximately $528 million each year on this tax rebate for condo and coop owners. Thats almost double the value of tax exemptions that help low-income and disabled New Yorkers who earn less than $50,000 per year.
Read the full op-ed here.