“This devastating plan is positioned to use New York as a piggy bank to finance the rest of the nation, crippling hardworking families across the state. I am calling on Congressman Reed to remember who put him in office and vote “No” on this unconscionable plan,” Cuomo said.
Under the plan, corporations would still be able to claim state and local taxes as a regular business expense, while New York residents would no longer be able to deduct their state and local taxes from their federal income calculations.
In addition, to finance the corporate tax cuts and giveaways, middle-class taxpayers in New York and other states will lose other key deductions, including for student loan interest, tuition, and other education expenses, moving expenses, adoption, out-of-pocket classroom expenses for teachers and out-of-pocket medical costs, Cuomo said.