“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,” said Cuomo.
Repealing SALT deduction: A gut-punch to middle-class families
On the other hand, Schumer said the savings from the local and state deductions belong in the pockets of New Yorkers.
Schumer said, “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…”
In addition, the Senate Minority Leader said “every member of the Congress from New York should do the right thing.” They must “block the block this gut-punch to New York’s middle-class.”
Furthermore, Schumer vowed that he will do everything in his power in the Senate to fight the GOP’s effort to end critical mortgage, state and local property tax deductions.”
Under the current federal tax system, taxpayers can deduct state and local real estate and personal property taxes. They can also deduct either income taxes or general sales taxes if they itemize their federal income tax returns.
