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Cautious on Tax Reform

Gulyas: "If you're upper income, you're going to make out"

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Buffalo, N.Y. (WBEN) - The GOP is moving forward on tax reform with the Senate version of the bill headed to the full Senate for a vote.  But local tax expert Esther Gulyas from EG Tax remains cautions.

"To me, middle income is $85,000 or under.  This will be very good for people in the higher income brackets".  Gulyas says the big thing for New York State residents who are paying high property and income taxes, is the elimination of the personal exemption. 

About a third of taxpayers in the state currently itemize their deductions. 

Earlier in the week, Congressman Chris Collins told WBEN that approximately 95% of Erie County taxpayers would see a tax cut in the bill. Gulyas said she doesn't agree with that figure at all.  "I would think 50% of people would see a modest reduction in taxes, 20% would stay about the same and 30% would pay more".

Tax Reform Passes House- Esther Gulyas Analysis

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