Enjoy the many hilarious comments by Donald Trump who spoke at the annual Al Smith Dinner in New York on Thursday evening in this video replay here. Trump roasted Harris who did not attend but Harris submitted her own cringeworthy video here.
At the 22 minute mark, Trump promised to do whatever he could to revive NYC including removing the $10,000 limit on deducting State and Local Taxes (SALT) that includes real estate taxes. Given our high property values and high state income taxes, Greenwich homeowners will benefit greatly if this proposed change happens.
Between the lines: Here is the math. Currently you cannot deduct Greenwich property taxes if your home is worth over $1 million (at the Greenwich mill rate of 11.393) nor can you deduct State income tax if your income is over $200,000 (at the top CT marginal income tax rate of 6.5%). If this goes through, maybe CT will see fewer mvoing vans to lower tax states.