The Brian Lehrer Show How the Republican Budget Bill Could Affect NYC
May 22, 2025
Greg David, a business and economics reporter for The City and director at CUNY's journalism school, dissects the recent Republican budget bill's impact on NYC. He highlights how the bill may create winners and losers among various income groups, with tax provisions and the SALT deduction cap playing key roles. The conversation dives into potential cuts to Medicaid and other social programs, emphasizing the serious financial challenges ahead. David also touches on local political reactions and the risks posed to housing programs in a shifting mayoral landscape.
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Garbarino's Missed Vote Drama
- Andrew Garbarino abstained from the crucial vote on the budget bill, intending to register objection but allowing it to pass.
- Later, his spokesperson claimed he fell asleep and would have voted yes, highlighting chaotic legislative proceedings.
Local Winners in GOP Budget
- The Republican budget includes winners like tipped income earners and increased child tax credits for near-poor working families.
- It also raises the SALT deduction cap from $10,000 to $40,000, mainly benefiting New York suburban residents with substantial taxes and mortgages.
SALT Cap Increase Limited Relief
- The SALT deduction increase from $10,000 to $40,000 offers limited relief to retirees with fixed incomes and moderately high property taxes.
- It mostly helps higher-income earners with large mortgages and property taxes, not the typical senior homeowner.