Is Tax on Renters Too Damn High?
Is tax on renters too damn high? New York State Sen. Brian Benjamin thinks so. So much so, he introduced legislation which would give tenants who spend more than 30% of their income in rent and utilities with a tax credit.
“Rents for our citizens continue to climb and increase beyond their ability to pay,” Benjamin said. “We continuously hear about how tenants are rent burdened, and pay is not keeping pace. This is a way to provide some relief.” The tax credit’s availability gradually decreases as household gross income increases and caps out once a person makes more than $125,000 a year.
Roughly 44% of all NYC households give approximately a third of their income toward rent. When you study low income households, a staggering 91% of these low-income New Yorkers would get the tax credit. Presidential hopeful Kamala Harris has a similar proposal for the country. Jimmy McMillan, the founder of the “The Rent Is Too Damn High Party” would be proud.
If you agree and deserve a tax credit for your “too damn high” rent, contact your state senator or your presidential candidate. If you need help finding something…AskHollingsworth.