Hudson Valley Residents Could See A Huge ‘Deathblow’ Increase In Taxes
In what’s being called a “deathblow to New York,” Hudson Valley taxpayers might end up paying a lot more in taxes.
According to Gov. Andrew Cuomo the average New York taxpayer will see an increase of $5,000 a year in taxes if Congress gets their way. House Republicans are looking to change federal tax laws to keep taxpayers from deducting state and local taxes, Cuomo warns.
“The federal government is reportedly moving to eliminate the deductibility of state and local taxes, which would effectively increase state and local taxes by 20 percent to 44 percent, depending on a person’s tax bracket,” Cuomo said. “This would be a deathblow to New York, putting us at a horrible competitive disadvantage.”
Gov. Cuomo’s office believes that if the House GOP removes the deduction over 3.3 million New Yorkers will see their federal income taxes increase by $17.5 billion, according to Press Connect.
“Under these circumstances, it is imperative that the state make especially prudent choices regarding expenditures and does not over promise financial resources. Also, while the middle class continues to struggle, and we are facing federal cuts, allowing the millionaires tax to expire – a tax that generates $3.4 billion a year in needed revenue – is not responsible,” Cuomo said.
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