Trump tax proposal would mostly benefit New York's wealthy: reportNEW YORK (Reuters) - Nearly all of New York City’s millionaires would receive big tax cuts under President Donald Trump’s proposed tax overhaul, while  more than one-third of moderate- and middle-income families would face increases, according to a government report issued on Thursday. City Comptroller Scott Stringer said Trump’s overall plan, as proposed during the Republican president’s campaign, would give more than $5 billion of tax cuts to city dwellers. But almost two-thirds of that would go to those earning more than $500,000, even though they bear just over one-half of the total tax burden.  “We already have astounding wealth gaps across the city and across the country,” Stringer told a news conference. “The Trump tax code, if implemented, would only exacerbate it.” The lower taxes for wealthier residents would be achieved through lower marginal tax rates on ordinary and capital gains income and the elimination of the alternative minimum tax (AMT). Last week, U.S. Treasury Secretary Steven Mnuchin said Trump’s objective is a tax cut for the middle class, not the top 1 percent. He said he is aiming for passage of a comprehensive tax overhaul by the time Congress takes its August recess.  Stringer’s office analyzed tax returns of 365,000 New York City households. It found that 92 percent of the city’s millionaires would receive, on average, a tax cut of at least $113,000. Nearly half of single parents who make $25,000 to $50,000 would experience a tax increase, it said. The tax cuts, which would reduce federal revenue by more than $2 trillion over 10 years, are driving proposed budget cuts that would leave the city, home to 60,000 homeless people, with a weakened social safety net, Stringer said. “I find it incredible that this guy, who comes from New York City, who has major investments here, can’t see what his proposal will do to his hometown,” he said. “And then when you scratch the surface, you realize that part of his agenda and who benefits from it is Donald Trump himself.” Based on the limited information available from Trump’s now-public 2005 federal tax return, his proposal to eliminate the AMT would have benefited him by $31 million that year. In contrast, under his tax plan, a single mother raising two children on less than $50,000 a year would face a tax increase of $464.  politicsNews
trump tax proposal would mostly benefit new york wealthy reported york reuters nearly new york city millionaires would receive big tax cuts president donald trump proposed tax overhaul families would face increases according government report issued thursday city comptroller scott stronger said trump overall plan proposed republican president campaign would give billion tax cuts city dwellers but almost would go earning even though bear total tax burden we already astounding wealth gaps across city across country stronger told news conference the trump tax code implemented would exacerbated the lower taxes wealthier residents would achieved lower marginal tax rates ordinary capital gains income elimination alternative minimum tax amt last week treasury secretary steven mnuchin said trump objective tax cut middle class top percent he said aiming passage comprehensive tax overhaul time congress takes august recess stronger office analyzed tax returns new york city households it found percent city millionaires would receive average tax cut least nearly half single parents make would experience tax increase said the tax cuts would reduce federal revenue trillion years driving proposed budget cuts would leave city home homeless people weakened social safety net stronger said i find incredible guy comes new york city major investments see proposal hometown said and scratch surface realize part agenda benefits donald trump based limited information available trump federal tax return proposal eliminate amt would benefited million year in contrast tax plan single mother raising two children less year would face tax increase politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Trump tax proposal would mostly benefit New York's wealthy: reportNEW YORK (Reuters) - Nearly all of New York City’s millionaires would receive big tax cuts under President Donald Trump’s proposed tax overhaul, while  more than one-third of moderate- and middle-income families would face increases, according to a government report issued on Thursday. City Comptroller Scott Stringer said Trump’s overall plan, as proposed during the Republican president’s campaign, would give more than $5 billion of tax cuts to city dwellers. But almost two-thirds of that would go to those earning more than $500,000, even though they bear just over one-half of the total tax burden.  “We already have astounding wealth gaps across the city and across the country,” Stringer told a news conference. “The Trump tax code, if implemented, would only exacerbate it.” The lower taxes for wealthier residents would be achieved through lower marginal tax rates on ordinary and capital gains income and the elimination of the alternative minimum tax (AMT). Last week, U.S. Treasury Secretary Steven Mnuchin said Trump’s objective is a tax cut for the middle class, not the top 1 percent. He said he is aiming for passage of a comprehensive tax overhaul by the time Congress takes its August recess.  Stringer’s office analyzed tax returns of 365,000 New York City households. It found that 92 percent of the city’s millionaires would receive, on average, a tax cut of at least $113,000. Nearly half of single parents who make $25,000 to $50,000 would experience a tax increase, it said. The tax cuts, which would reduce federal revenue by more than $2 trillion over 10 years, are driving proposed budget cuts that would leave the city, home to 60,000 homeless people, with a weakened social safety net, Stringer said. “I find it incredible that this guy, who comes from New York City, who has major investments here, can’t see what his proposal will do to his hometown,” he said. “And then when you scratch the surface, you realize that part of his agenda and who benefits from it is Donald Trump himself.” Based on the limited information available from Trump’s now-public 2005 federal tax return, his proposal to eliminate the AMT would have benefited him by $31 million that year. In contrast, under his tax plan, a single mother raising two children on less than $50,000 a year would face a tax increase of $464.  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: trump tax proposal would mostly benefit new york wealthy reported york reuters nearly new york city millionaires would receive big tax cuts president donald trump proposed tax overhaul families would face increases according government report issued thursday city comptroller scott stronger said trump overall plan proposed republican president campaign would give billion tax cuts city dwellers but almost would go earning even though bear total tax burden we already astounding wealth gaps across city across country stronger told news conference the trump tax code implemented would exacerbated the lower taxes wealthier residents would achieved lower marginal tax rates ordinary capital gains income elimination alternative minimum tax amt last week treasury secretary steven mnuchin said trump objective tax cut middle class top percent he said aiming passage comprehensive tax overhaul time congress takes august recess stronger office analyzed tax returns new york city households it found percent city millionaires would receive average tax cut least nearly half single parents make would experience tax increase said the tax cuts would reduce federal revenue trillion years driving proposed budget cuts would leave city home homeless people weakened social safety net stronger said i find incredible guy comes new york city major investments see proposal hometown said and scratch surface realize part agenda benefits donald trump based limited information available trump federal tax return proposal eliminate amt would benefited million year in contrast tax plan single mother raising two children less year would face tax increase politicsnews