New York City, home to many of the world’s top earners, could be hit especially hard if Congress fails to act before a series of spending cuts and tax increases kick in next year.
“The biggest impact is on high-income individuals, and New York has more high-income individuals,” Ken McCarthy, senior economist at Cushman & Wakefield, told Crain’s New York Business. “If you look at where the biggest hit is going to be, there’s no question it will be in cities like New York.”
Some of the taxes that would be raised include income, capital gains and estate taxes.