Albany, NY – “As each day passes, we continue to discover new ways that this disastrous federal Republican tax bill hurts New Yorkers and tips the scale in favor of the wealthy and corporations. The elimination of full state and local deductibility alone is an economic missile aimed at this state that will cost New Yorkers more than $14 billion. “The State Department of Taxation and Finance report released last week detailed the many devastating impacts that this new federal tax code will have on New Yorkers, including the negative consequences of having a tax code closely coupled with the federal tax system.
“As we’ve said many times, this administration refuses to join the federal government in raising taxes on our hardworking families. We are reviewing the federal changes and we will propose legislation to address the impacts arising from our coupled tax system and offer new protections from this federal assault. This is what was passed in Washington, and we are going to fix it in New York. We look forward to working with the legislature to get it done.”