NY Leaders Say Senate Tax Overhaul Bill is Even Worse for the State

 

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.

Click here for an audio report.  

Source: WRVO Public Media (via The Empire Report)