Governor Cuomo and New York Senator Chuck Schumer are once again warning that New Yorkers will be hurt if the Republican tax overhaul plan in Congress is approved.
Schumer, who is Senate Democratic leader, says while the tax plan has changed from the original version, 71 percent of the deductions that now benefit state residents would be eliminated. The plan would end deductions for state and local income taxes, and cap the property tax deduction at $10,000 a year.
“The plan will increase taxes on New Yorkers by $16 billion,” Schumer said in a joint conference call with Cuomo.
Cuomo says the plan would undo seven years of work that his administration has done to keep taxes and spending steady in New York.