NEW YORK, NY — December 2, 2017 — Late last night, the Senate passed a tax bill that slashes tax rates for corporations and is hugely advantageous for the wealthiest Americans. These cuts will be paid for by working and middle class families across our nation. It will hit New York hardest. With this plan, Republicans in Congress are robbing New Yorkers of billions of dollars, endangering the health care of millions of Americans, and exploding the federal deficit. The devastating impacts both intended, as well as unintended given the rushed, secretive approach taken in writing and voting on this plan cannot be overstated. To implement discredited trickle-down economics and repeal health care for millions under the cover of tax reform before the public, or even every Senator can be informed of the details in the plan, is proof positive of just how bad that plan is.
The bill is financed in large part by almost entirely eliminating deductions of state and local taxes, a bedrock principle underpinning our tax law since its inception. Eliminating this deduction means that New York will effectively serve as a piggy bank to finance tax cuts for other states. This plan is a sham that does not deliver on the GOP promise to help the middle class. It reflects upside down priorities – it helps the rich and corporations and does nothing to deliver on their false promise to our middle class citizens.
The four members of the Republican Delegation, who supported the House version of this unfair, unequal and economically devastating plan, betrayed their constituents. It is now time for New York’s entire Republican Delegation to put New Yorkers first, vote the right way and tell their party leadership that they will not allow us to be pawns in a political agenda that inflicts financial pain on Democratic states at the direct expense of the Americans who call them home, all to benefit corporations and the wealthiest among us.
SOURCE: New York State, Executive Chamber, Press Office.