Millions of New Yorkers live in apartments and pay rent, which is constantly going up.
Implement a tax deduction of housing rent. The rent we pay for our apartments is a necessary expense for our ability to maintain our jobs and produce taxable earnings. Unlike most personal expenses, housing rent cannot be accounted for via tax brackets, as rent prices are dependent on location (and they are highest in NYC). Hence, rent is taxed twice: as a non-deductible part of a tenant’s earnings, and as income to the landlord. Living in one’s own house prevents this double taxation: no tax is paid on the rent he (in effect) pays to himself. The existing housing tax policy fundamentally favors home owners over renters, and as a result depresses population mobility, thus contributing to unemployment rates and other social ills. I will advocate tax deductions for a tenant’s housing rent (excluding expenses deductible to the landlord, e.g. electricity, heat, etc.).
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