By Karen DeWitt
Now that the House of Representatives has voted for a tax overhaul
plan that some state leaders say will harm New York, the action moves to
the Senate, where a vote is expected after Thanksgiving.
Gov.
Cuomo, Sen. Chuck Schumer (D-NY) and other top state Democrats say the
Senate plan is potentially even worse for New York. The House plan ends
the deduction for state and local income taxes, but allows the deduction
of property taxes up to $10,000. The Senate bill omits even that
limited deduction. Cuomo says New Yorkers will pay more to finance the
main portion of the tax overhaul, the reduction in taxes on large
companies.
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Source: WRVO Public Media (via The Empire Report)
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