Governor Cuomo: Federal tax deal will impact NY economic growth
December 13, 2017 06:49 PM
ALBANY -- Get ready to pay more taxes. That's what the Governor Cuomo said about the tax plan in Washington where lawmakers reached a deal on the overhaul.
"In one fell swoop they effectively raised property taxes 20 percent and they raised the state income taxes 20 percent," Cuomo said.
New York is already one of the highest taxed states in the nation. The governor said the federal tax plan will be a devastating blow.
"Especially to Upstate New York, which has a fragile economy that thanks to you we're turning around," he added.
The governor's been trying to turn things around since he took office. Part of the plan to do so was the creation of the Regional Economic Development Council. It's an initiative where the governor pins ten regions in the state to compete for grants. Money is awarded according to the best laid out plans. This year, the Capital Region was considered a top performer and received $85 million for various projects. Cuomo said Upstate is on its way back.
"New York is more business friendly than every before. Period," he said.
However, the federal tax plan is problematic in this recovery, according to the governor. New Yorkers will either not be able to deduct their state and local taxes. Or their property tax deduction will be capped at $10,000. Cuomo said that's essentially a tax increase. But he said that's only part of the problem because most of the benefit in the plan goes to the top one percent.
"Their theory is the corporations will wind up getting a windfall but they'll pay their pay their workers more money," he said.
The middle class and the working class will be the biggest losers, according to Cuomo. It'll be tough to spur economic growth in an environment where taxes are going up and people have less money to spend.
"What they're really doing is they're using New York as a piggy bank to pay for the tax cuts in other states. That is reprehensible," he said.
Updated: December 13, 2017 06:49 PM
Created: December 13, 2017 05:58 PM
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