Cuomo: Area Resident Taxes To Climb Under GOP Plan

ALBANY – More than 7,200 county taxpayers would be hard hit by the loss of the state tax deduction and a property tax deduction cap, according to Gov. Andrew Cuomo.
Under current law, taxpayers can deduct their state and local property taxes, as well as state income taxes or sales tax.
A proposed federal House bill would eliminate the deduction for income and sales taxes, and would cap the deduction for property taxes
New York has a combined local and state tax rate of 13.58 percent, 48th in the United States, for an average cost of $7,370 per taxpayer. With the cost of living index factored in, New York State is last. Delaware leads the nation at 6.07 percent and an average tax of $3,293.

“This devastating plan is positioned to use New York as a piggy bank to finance the rest of the nation, crippling hardworking families across the state. I am calling on Congressman Reed to remember who put him in office and vote “No” on this unconscionable plan,” Cuomo said.

Under the plan, corporations would still be able to claim state and local taxes as a regular business expense, while New York residents would no longer be able to deduct their state and local taxes from their federal income calculations.

In addition, to finance the corporate tax cuts and giveaways, middle-class taxpayers in New York and other states will lose other key deductions, including for student loan interest, tuition, and other education expenses, moving expenses, adoption, out-of-pocket classroom expenses for teachers and out-of-pocket medical costs, Cuomo said.

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