Following the release of President Trump’s tax plan, U.S. Senator Charles Schumer today (April 30) pushed to preserve very popular and essential, but, nevertheless, at-risk tax deductions New York homeowners and taxpayers depend upon to keep the high cost of living in-check.
Schumer explained that New York homeowners are in tax jeopardy as President Trump’s new tax plan proposes eliminating state and local property tax deductions.
“Taking away or even reducing the state and local tax deductions would be brutally unfair and hit New York homeowners right between the eyes, said U.S. Senator Charles Schumer. “This is the wrong thing to do if we are serious about helping to build and expand the middle class. Under President Trump’s plan, the top rate would come down, taxes that disproportionately affect the very wealthy would go away, while middle-class and working families would be denied some of the most frequently-used deductions: the state and local tax deduction. I will use my clout in the Senate to fight all efforts that would roll back the state and local property tax deductions.”
Schumer said that eliminating this deduction will hurt middle-class and working-class New York residents the most out of any other state.
He said that removing of these tax deductions would hit New Yorkers particularly hard, given the high local cost of owning a home. Schumer pledged to fight any efforts that would rollback critical savings deductions used by New York homeowners and taxpayers.
“President Trump’s plan includes massive tax cuts for the very wealthy, and crumbs – at best – for everyone else,” Schumer added.
Treasury Secretary Mnuchin confirmed that President Trump’s just-released tax plan proposes an elimination of the state and local tax deduction.
Under the current federal tax system, taxpayers who itemize deductions on their federal income tax returns can deduct state and local real estate and personal property taxes.
State and local income and real estate taxes make up approximately sixty percent of local and state tax deductions while sales tax and personal property taxes make up the remainder.
According to the Tax Policy Center, approximately one-third of tax filers itemize deductions on their federal income tax returns.
Schumer said that the elimination of these deductions would be detrimental to middle-class families in New York.
As was cited by New York State, the loss of the deduction would cost New York City residents an average of $5,500 per year for those who file itemized returns. And across New York, the deduction loss would total about $68 billion per year, or an average tax increase of $4,500 per New Yorker who itemizes – that’s $68 billion that state residents will no longer be allowed to deduct from their federal tax returns.
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This liberal will say anything to counter anything said by people other than Democrats. Given Democrats have led NYS for decades, it would seem prudent that their cureent hardships and high cost of living are due to Democratic leadership and policy. Trump has been in office 100 days, not 100 years. Schumer is the classic example of why there should be term limits.
Actually no Senator Schumer. Liberal tax and spend policies are what hurt this state the most. Not to mention the costly fees, regulations, and corruption in Albany. You, and (Cuomo) do nothing but continue to drive people from this state, as you have for years.
It’s time for something new when it comes to tax policy.
Trump and the oligarchs openly announce plans to give huge tax cuts to the rich and we have people on here criticizing Schumer. Well that’s about right.
What are “liberal tax and spend policies”? Are they different from Republican cut taxes on the rich and spend policies? So Republicans starve the government of revenue by giving even more money to the rich and yet increase spending (as happened under Reagan, George W Bush, now Trump) … and people on here like that?
It is amusing to watch the mental contortions right-wingers are going through to defend the billionaire they put in the White House. Now they’re cheering huge tax cuts for billionaires … when we already have the worst inequality since the 1920’s and the oligarchs already crashed the economy once (in 2007-2008) and are pursuing policies likely to crash it again.
Republicans will literally say anything to protect billionaires. This is why our politics is so distorted. We have millions upon millions of working white people cheering for aristocracy and inequality … and increased power to Goldman Sachs, Exxon Mobil, and Wall Street.
Not what small-d democratic politics is supposed to be about.
Happy May Day. Bernie 2020. The people are comin’ for ya Billionaire Class … after we endure this 4-year reign of witches.
Peace.
Schumer doesn’t come out and say that eliminating the state & local tax deduction hurts NYS because the taxes in NYS are so high.
Well, if he doesn’t come right out and say it, he’s certainly “implying” it. It’s a simple matter of “cause and effect” as I see it. If your taxes are higher to begin with, then naturally it’s going to effect you more because you have more to claim as a deduction. However, those taxes are set by the city, county, and the state. Therefore, Erik W. and Puzzel are correct.
liberal democrats always have their hand in your pocket. this plan reduces the democrats power to steal from individuals…….of course they whine like a bunch of 2 year olds…..its what they do when they don’t get their way! let hardworking Americans keep their money.