Suozzi Says Elimination of State and Local Tax Deduction Would “Devastate” New Yorkers
Today, Congressman Tom Suozzi issued the following statement after House Republicans released their tax reform plan:
“The goal of tax reform is to help hard-working Americans make more money so they can live the American Dream. Unfortunately, the Republican-led tax reform plan falls well short of that goal.
“First, eliminating the state income tax deduction and capping the state and local property tax deduction at $10,000 is a non-starter. It would devastate the more than 250,000 households in our district that utilize these deductions, not to mention people living in other states that have income taxes. This is bad for every New York taxpayer and I hope all of my colleagues will oppose this.
“Second, this plan adds $1.5 trillion to the deficit, which will slow growth. The initial growth impact of pushing lots of money from the government coffers out to the wealthiest Americans and businesses will be wiped out by paying for significantly more government debt.
“Reducing the tax rates on ‘pass through’ private corporations on people who make $1 million or more to 25 percent, will add significantly to the deficit and is patently unfair.
“The American people expect us to find a bipartisan solution to tax reform that helps create good-paying middle-class jobs. This plan doesn’t achieve that goal. I won’t support it, and I encourage like-minded Republicans to join me in working toward a bipartisan bill that makes sense and helps hard-working Americans move closer to achieving the American Dream.”