Liberal Governors Reveal Plan To Thwart Tax Law

ew York Democratic Gov. Andrew Cuomo announced Friday that a coalition of East Coast states will sue the federal government over the Trump-signed tax overhaul, in the latest bid to undermine the law that Republicans have cheered.

The states — New York, New Jersey and Connecticut — appear to be taking aim at a provision that limits residents’ state and local tax deduction (SALT) to $10,000. While the law contains sweeping tax rate cuts for businesses and individuals, taxpayers in high-tax states like those in the Northeast are expected to take a hit from the SALT change.

Cuomo called it an “economic missile.”

“The elimination of full state and local deductibility is a blatantly partisan and unlawful attack on New York that uses our hardworking families and tax dollars as a piggy bank to pay for tax cuts for corporations and other states,” Cuomo said in a statement. “This coalition will take the federal government to court to protect our residents from this assault.”

Read more at foxnews.com.

Loading...