How the Election Can Potentially Impact New York

By Benyamin Davidsons

With the election close at bay, experts weigh in on the impact that each presidential candidate is likely to have on New York. As reported by Crain’s NY, many experts believe that Democratic candidate Joe Biden would bring relief to NYC and NYS by making tax reforms that would benefit most residents. He is also likely to give direct federal funds to help NY. They say that Trump on the other hand has withheld various forms of funding from NY, despite it being his native state, declaring it to be an anarchist jurisdiction, following clashes with Democratic Mayor Bill de Blasio, as well as Governor Andrew Cuomo.

“With Trump we’ll just get more of what we’ve seen over the past four years, and that’s the unconstructive antagonizing of New York City,” said Nicole Gelinas, a senior fellow at the Manhattan Institute think tank. “In fact, it will only get worse.” Other critics also spoke out against Trump and the prospect of his reelection. “A second term of Donald Trump does nothing for New York, certainly nothing positive,” said John DeSio, a former spokesman for Bronx Borough President Ruben Diaz Jr. “I imagine the second term would be about score-settling and boosting those folks who pushed him over the finish line, and that’s certainly not New York City.”

One highly unpopular law enacted during President Trump’s administration has been the cap on state and local tax deductions, which was part of the 2017 federal tax-cut legislation. The SALT measure has affected high-income, high-tax states including New York, New Jersey and Connecticut by cutting the amount of local taxes that can be deducted on federal income tax forms. “A Biden administration would likely work to repeal the SALT cap,” DeSio said.

While federal assistance would most heavily depend on Democrats holding the House of Representatives and taking majority control of the Senate, experts still hold that a Biden administration would probably pass an extensive rescue package to help the state with its budget woes, and help the Metropolitan Transportation Authority to continue operations into the new year. “He was very helpful to Cuomo’s infrastructure efforts in his first year and half, while Obama was president,” said Democratic strategist Bruce Gyory, describing the former vice president’s involvement in those efforts.

Should Trump lose the presidential election, it would undoubtedly bring down Republican candidates across NY, leaving the GOP in Albany in a dire position as redistricting goes into full swing during the next two years, with Democrats holding on tight to the reins.