What the GOP tax reform plan means for New York

ALBANY, N.Y. (NEWS10) - New York Governor Andrew Cuomo and Senator Charles Schumer are still up in arms on Monday over the newest tax reform plan that was released late last week.

A different group has also come out in support of this plan and has started airing ads in favor of tax reform.

“If it’s a Christmas gift, New York gets a lump of coal from Santa Trump on this one,” Gov. Cuomo said.

This lump of coal is the tax reform plan that President Donald Trump has promised to be a huge tax break to middle-class Americans.

Both the Gov. Cuomo and Sen. Schumer are pushing back against this new plan, saying this compromise is barely enough.

“It takes away 71 percent of the deduction. So in other words, for every dollar they were going to take away before from New Yorkers, now they’re taking away 71 cents,” Sen. Schumer said.

Another concern is that by eliminating state and local tax deductions the state would see a ten percent decline in home values.

“Representatives Reed and Collins are doing a disservice by saying that they would still vote for the plan even though it hurts so many middle-class New Yorkers.”

These two Representatives from Western New York have been vocal about their support of this new tax reform plan and both voted yes on the original bill a few weeks ago.

“Our tax reform will get the economy moving, 3.5 percent a year. We’ve been stuck for the last 8 years under the Obama administration with almost no economic growth,” Rep. Chris Collins (R-Geneseo) said.

Joining them in their fight was the American Action Network which launched a $1 million online campaign to promote the benefits.

The group pledges that they will spend at least $22 million on ads nationwide in support of this tax reform bill.

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