New York Governor Andrew Cuomo is demanding the state Legislature to make the two percent property tax cap permanent to ensure tax fairness for the middle-class.
In an op-ed published on Newsday, Cuomo emphasized that middle-class families continue to struggle despite their hard work. Instead of attaining financial security and prosperity, they are “falling behind” due to “rising costs and stagnant wages.”
He noted that Trump Administration added burden to the middle-class by implementing the Tax Cuts and Jobs Act, which put a limit on state and local tax (SALT) deductions.
Under the new federal tax law, an individual or married taxpayers filing jointly can only deduct $10,000 for their real and personal property taxes, income or sales taxes. Married taxpayers filing separately can only claims $5,000 in SALT deduction.
According to Cuomo, President Donald Trump promised tax cuts for the middle-class. However, the cap on SALT deductions is hurting thousands of New Yorkers. In Long Island, more than one-third of its taxpayers (530,000) are suffering—they paid higher taxes—in contrast with the President’s promise.
