In fact, the media has been reporting that New York’s highest earners are moving their businesses and homes because of the cap on SALT deductions. The state’s top one percent’s taxpayers account for 46 percent of its income tax collections. Losing the New York’s highest taxpayers threatens the state’s ability to deliver on its promise to provide opportunity for every New Yorker.
Gov. Cuomo calls cap on SALT deductions “unconstitutional assault” on blue states
In a statement, Gov. Cuomo said, “The Trump Administration’s SALT policy is retribution politics — plain and simple. New York is already the nation’s leader in sending more tax dollars to Washington than we get back every year.”
He added, “We will not allow this administration to pick the pockets of hard-working New Yorkers to fund tax cuts for corporations and send even more money to red states. We will continue to fight this unconstitutional assault until it is repealed once and for all.”
On the other hand, AG James commented, “This cap has already put a heavy burden on the hard-working, middle-class families of New York, and, in the years ahead, it is expected to cost New York’s taxpayers over $100 billion, which is why we will fight this senseless and unconstitutional law. New York will not be bullied into paying more in taxes or changing its vital public investments because of Congress and the president’s partisan choices.”
