Suozzi to New Yorkers: Stop Financially Supporting Washington Politicians Who are Killing NY

 Today, Congressman Tom Suozzi (D-Long Island, Queens) held a Zoom press call on how the GOP cap on state and local tax (SALT) deductions and the failure to provide COVID-19 relief to states and local governments are forcing New York individuals and businesses to flee to other states. During the call, Suozzi announced his intention to ask all incoming Members of Congress to pledge to repeal the SALT cap and will urge New Yorkers to withhold support from Members of Congress who do not support the repeal of the cap. 

Suozzi cited reports of Goldman Sachs asset-management division, as well as other financial institutions, who are considering leaving New York for Florida and other states.

“We are asking Goldman Sachs not to abandon New York during our time of need. New York is suffering and we know we have to help you by addressing the SALT deduction, among other issues,” said Suozzi

“The SALT cap of 2017 was a gut-punch to New Yorkers, who already subsidize other states by paying more in taxes than we receive back from the federal government,” Suozzi said. “COVID has compounded SALT and we are now seeing large corporations and their employees looking to move to other states.”

Suozzi noted that in 2019 and 2020, 7,806 New Yorkers contributed over $35 million to Majority Leader Mitch McConnell (R-KY), Senator Lindsey Graham (R-SC), and GOP-associated Senate PACS. From 2015 to 2019, New York has sent $116 billion more to the federal government that they received back. Over that same period, Kentucky has received $148 billion and South Carolina $87 billion more than they contributed.

“Some New Yorkers are complicit in funding our own demise by supporting elected officials who not only redirect billions of New York State’s federal tax dollars to their own states but also capped the SALT deduction. This is literally chasing people out of New York,” said Suozzi.  “New Yorkers are left holding the bag in the form of higher taxes and our largest companies are being lured to other lower-cost states.”

Starting in the next Congress in January, Suozzi will submit legislation to repeal the SALT cap. Additionally, he will urge all New Yorkers to refuse to financially support any member who does not sign onto the legislation.  At the end of the first quarter in April 2021, he will publish a list of New York contributors who donated to members who have not signed onto the legislation to repeal the SALT cap.

Suozzi’s previous legislation to repeal the SALT cap had passed the House but has stalled in the Senate, where Mitch McConnell has refused to bring it to a vote. 

“I know this is extreme,” concluded Suozzi, “but New York is in an extreme financial crisis. The pain and hardship our residents face is extreme. All New Yorkers must recognize that contributing to campaigns of anti-New York officials is like aiding and abetting the very politicians who are purposely trying to undermine New York."