Anonymous ID: 808160 Feb. 12, 2019, 11:20 a.m. No.5143848   🗄️.is 🔗kun   >>3895 >>4056

Cuomo to meet with Trump over tax law changes

 

Gov. Andrew Cuomo is meeting President Trump at the White House Tuesday to discuss how changes in the federal tax code are hurting New York, the governor announced Monday.

 

Speaking at an Albany press conference, Cuomo said the $10,000 cap on state and local tax deductions (SALT) that can be deducted on federal returns has cut New York’s projected income tax revenues by billions of dollars.

 

“It changes the fundamental trajectory of the state. You have a structural liability … I want to make the president aware of it,” Cuomo said.

 

The governor said New York already sends $35.6 billion more in tax revenues to Washington than it gets back.

 

The limitation on SALT exacerbates the gap, Cuomo said.

 

“You are penalizing the states that have generated the wealth. Now you want to penalize New York after generating that wealth,” he said.

 

Under New York’s progressive income tax system, 1 percent of the top earners provide nearly half the state’s income tax revenues.

 

https://nypost.com/2019/02/11/cuomo-to-meet-with-trump-over-tax-law-changes/amp/