President Trump Donald John TrumpObama calls on Senate not to fill Ginsburg's vacancy until after election Planned Parenthood: 'The fate of our rights' depends on Ginsburg replacement Progressive group to spend M in ad campaign on Supreme Court vacancy MORE's new tax proposal will create large cuts for New York City's elite while not substantially helping middle-income families, a new government report finds.



According to Reuters, City Comptroller Scott Stringer estimated that the president's tax plan, as proposed during the 2016 campaign, is set to give the city's residents more than $5 billion in tax cuts, with almost two-thirds of the sum going to those who earn more than $500,000 a year.



"We already have astounding wealth gaps across the city and across the country," Stringer said, as reported by the news source. "The Trump tax code, if implemented, would only exacerbate it."



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"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," Stringer said.

"And then when you scratch the surface, you realize that part of his agenda and who benefits from it is Donald Trump himself."

The White House and Congress are hoping to tackle tax reform in the coming months.

After examining tax returns of 365,000 New York City households, the comptroller's office found that 92 percent of New York City's millionaires would get a tax cut of at least $113,000 under the plan.Moreover, the report found that 50 percent of single parents who earn between $25,000 and $50,000 will see their taxes increase, Reuters noted.