“Some of you voted in favor of this law — a law that weaponized the federal tax system to attack New York and other progressive states … We knew when this bill passed that it was an act of political retribution against New York,” Cuomo said.
Additionally, the governor emphasized that the state is already the top contributor to the federal government — $48 billion annually.
“Absent changes to the state’s tax code, the law’s limitations on the deductibility of state and local taxes would cost New York’s taxpayers an additional $14.3 billion this year,” Cuomo said.
Tax Cuts Jobs Act Threatens New York’s Competitiveness
Furthermore, the governor said the Tax Cuts and Jobs Act “threatens jobs” in New York and investments and services to its residents. It also risks the state’s economic competitiveness over the long term.
Moreover, Cuomo said his administration continues to fight against the federal tax law. New York together with three other states sued the Trump administration, alleging that the law is illegal and a targeted attack.
