The U.S. House of Representatives has passed a bill aimed at loosening a controversial part of the 2017 tax law, and New Yorker members of Congress are crossing party lines. The bill now moves to the Senate, where it’s not likely to be taken up, but the issue will likely come up again in 2020 congressional races.
The tax plan unveiled by Republicans in the House of Representatives will disproportionately raise taxes on for those living in Northeast states like New York, New Jersey, and Connecticut. Many lawmakers from the region, including Republicans, are against the plan. For high tax states with high housing costs, the GOP plan is sobering. It would eliminate deductions for state and local income taxes while also capping property deductions. For example, New Yorkers making $75,000-$100,000 per year will have to pay taxes on $10,000 more in income.