Long Island Taxpayers See Varied Impact from New Federal Bill | JQJO

A new federal tax bill is projected to lower taxes for Long Islanders, with the most significant benefits for high-income earners and those with large mortgages. The bill extends the 2017 tax cuts, increases the standard deduction, boosts the child tax credit, and includes deductions for seniors, car loan interest, tips, and overtime. While average households could see a $2,860 reduction, high-income earners could save significantly more, while lower-income groups may only save around $150. The bill also increases the SALT deduction cap, primarily benefiting middle- and upper-middle-class taxpayers in high-tax areas like Long Island. However, some analysts warn that other cuts in the bill could offset the tax benefits for many.