Nothing to Cheer About
Today, House Republicans cheered after they jammed through their tax bill, but for us New Yorkers, there is nothing to cheer about. This bill, if it becomes law, will raise taxes on millions of middle class families across the country in order to lower taxes for giant corporations and the fortunate few.
Under this so-called “tax cut” plan, New Yorkers will actually be double-taxed because the plan essentially eliminates the ability to deduct state and local taxes. As a result, NY’s 12th Congressional District will see an average tax increase of nearly $1,500 per year and New Yorkers will be forced to pay $7.5 billion more in federal taxes than we already do. This bill punishes our city for taking care of our own. It punishes us for investing in our schools, infrastructure projects, and fire and police departments. On top of that, New Yorkers will lose $2.6 billion per year in affordable housing financing.
New York is already the largest donor state in the nation. We send $48 billion more to Washington, DC in taxes than we get back in spending. If this plan becomes law, that number will sky rocket.
I voted no today because this “tax cut” bill is anything but and would be devastating for New Yorkers, and people across the country. This process is far from over. The next step is that the Senate needs to vote on its version of the bill and it is unclear if they have the votes to pass it at this time. As the process unfolds, I will do everything I can to make sure this bill or anything similar to it doesn’t become law because we all deserve a far better deal.
Carolyn B. Maloney
Member of Congress