Long Island Lawmakers Warn GOP Tax Plan Would Be ‘Punch In The Gut’

TOWN OF HUNTINGTON, N.Y. (CBSNewYork) — Congressman Peter King says the velocity at which lawmakers on Capitol Hill are dashing by way of the tax overhaul plan is “insane.”

He joined different Lengthy Island lawmakers from each side of the aisle Tuesday urging colleagues to sluggish the method and contemplate the methods they’re hurting the northeast.

As CBS2’s Jennifer McLogan reported, households on Lengthy Island watch and marvel has the tax overhaul invoice hurtles by way of Congress. In the meantime, their elected politicians share the pressing message: sluggish the tax invoice set off.

“We’re united right here as Democrats and Republicans to say this is able to be a punch within the intestine,” stated Rep. Thomas Suozzi, D-N.Y.

MORE: Lawmakers Warn Tax Reform Will Be ‘Horrendous’ For Lengthy Island Residents

A ‘punch within the intestine’ due to the removing of state and native taxes, together with revenue and property taxes, referred to as SALT deductions, which forestall New Yorkers from being double-taxed.

“The individuals of Lengthy Island didn’t vote for Donald Trump in order that he might increase their taxes,” King stated. “I’m sending a message to the White Home: They are saying they need to put a win on the board, this can be a massive loss.”

King says his constituent householders might endure probably the most.

“It’s a catastrophe for the actual property business,” stated Mitch Pally, of the Lengthy Island Builders Institute. “Not solely will they see a rise of their taxes, they’ll see a discount of their house values.”

MORE: Actual Property Group Fears Tax Plan Might Lead To Housing Disaster On Lengthy Island

So it’s crunch time to for the Congressmen persuade their Senate Republican colleagues who’re on the fence to revive SALT, resolve scholar loans and medical insurance earlier than the invoice goes to convention committee.

“We shouldn’t be growing taxes on any center revenue People, no matter whether or not they’re in your state or they’re in mine,” stated Rep. Lee Zeldin, R-N.Y.

The Congressmen are warning the White Home the GOP in Trump’s residence state could also be weak if the invoice passes.

“It’s going to have political impression, as a result of we might be going right into a marketing campaign the place Republicans will probably be operating for reelection,” King stated.

MORE: Lengthy Island Residents Fear About Dropping Deductions Underneath Proposed GOP Tax Plan

“You’re proposing to take extra money from a spot like New York as a way to pay for deeper tax cuts elsewhere,” stated Zeldin. “This can be a deduction that’s been round for over one hundred years….

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *