GOP Tax Bill: Learn What It Means For You At NYC Teach-In

NEW YORK, NY — A massive tax overhaul with big implications for New Yorkers has moved swiftly through Congress over the last two months, leaving many with doubts about what it could mean for their wallets. That's why city officials are hosting a "teach-in" event Wednesday to help explain the legislation's potential local impact before lawmakers vote on it this week.

Manhattan Borough President Gale Brewer and City Comptroller Scott Stringer are hosting the Dec. 20 event at John Jay College of Criminal Justice in Midtown to educate the public about the Republican bill's "particularly extreme consequences for New York residents."

It will feature presentations from Preston Niblack, the deputy city comptroller for budget, Kathy Wylde, president and CEO of the Partnership for New York City, and Martha Stark, a former city finance commissioner and a professor at New York University's Wagner School of Public Affairs.

The GOP tax bill has faced vocal opposition from Democratic city and state officials, who say its limits to state and local tax deductions would be especially deleterious for New Yorkers. Stringer's office estimates that nearly 700,000 New York City families would see a federal tax hike averaging $800 under the legislation.

City leaders have also decried the plan's tax cuts for corporations and extremely wealthy people. The bill would reportedly trim the corporate tax rate from 35 percent to 21 percent and the top personal income tax rate from 39.6 percent to 37 percent.

Wednesday's teach-in runs from 6 to 7 p.m. at John Jay College, located at 524 W. 59th Street. Anyone who registers online can attend. Click here to register.

>> ALSO SEE: How The Republican Tax Plan Could Impact NYC Residents

(Lead image via Shutterstock)