State Leaders Predict US Senate’s Tax Bill Even Worse For New York


ALBANY (WSKG) – Now that the US 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.  Governor Cuomo, Senator Chuck Schumer 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. “They’re using New York as a piggy bank to finance the corporate tax cut. It’s disgusting.