Congressional Delegation to Protect Middle-Class Homeowners by Opposing Repeal of State & Local Tax Deduction

Source: New York Governor's Office

New York, NY - October 24, 2017 (The Ponder News) -- Governor Andrew M. Cuomo and U.S. Senate Minority Leader Charles E. Schumer today launched a statewide push across congressional districts to urge New York's delegation to stand up for this state's middle class and oppose the repeal or reduction of state and local tax deductions. Governor Cuomo and Senator Schumer today stood with homeowners from Albany, Rensselaer and Saratoga Counties and urged every New York House member to fight against any effort to repeal or reduce the state and local tax deduction, which thousands of Upstate New Yorkers rely on. If the Republican tax plan were to pass, many New Yorkers could be saddled with a tax increase of thousands of dollars. In Albany County, where average state and local taxes amount to $7,250, this proposal would raise taxes on one in three taxpayers by an average of $3,438. Eliminating or reducing the state and local tax deduction would have ripple effects of decreasing home values in the region and placing pressure on state and local governments to reduce their taxes and cut spending on education and their local fire and police departments.

"While Washington is considering a 'tax cut' plan, what it really amounts to is a "tax increase" plan for New York," Governor Cuomo said. "The elimination of State and Local Tax deductibility is a death blow to New Yorkers and our economy. The current plan only makes it possible to cut taxes for other states by using New York and California as the piggybank. Every member of our Congressional delegation must do everything they can to stop this devastating proposal."

"Whether the savings from these deductions becomes money for home repairs, groceries, school supplies or even the yearly vacation, it belongs in the pockets of New Yorkers, period," said U.S. Senator Charles Schumer. "These deductions should not be eliminated so people making millions of dollars a year can catch a tax break of their own. It simply makes no sense for Congress to eliminate the SALT deduction, which has helped steady the cost of many middle-class families including those living in the Capital Region-it would be double taxation on the middle class. Without state and local deductions potential homeowners may look elsewhere which could devastate the New York State including the Capital and North Country economy. So, today, with Governor Cuomo we are calling on every member of Congress from New York: do the right thing and block this gut-punch to New York's middle-class. In the meantime, I will do everything in my power here in the U.S. Senate to fight this GOP-led effort to end critical mortgage, state and local property tax deductions."