Business leaders and elected officials from different levels of government and different political parties held a news conference Tuesday morning to say President Trump’s tax overhaul plan would be devastating to Long Island homeowners and to the overall economy.

Long Islanders pay some of the highest property taxes in the nation. However, residents have been able to use that as a deduction on income tax returns. 

The Senate is voting this week on a bill that would completely eliminate state and local taxes as a deduction.

READ MORE: Rep. King: Trump supporters 'disappointed' by tax overhaul process

“You are proposing to take more money from a place like New York in order to pay for deeper tax cuts elsewhere,” said Rep. Lee Zeldin.

“People don’t recognize how devastating this would be to the people that live here. Our wages are higher here. Our homes are worth more money, but our cost of living, our income taxes, our property taxes are much, much higher than anywhere else in the nation. This would be devastating for us,” said Rep. Tom Suozzi.

The Senate Budget Committee could vote on the bill Tuesday, but there's no guarantee it will pass and advance to the full Senate.

Republicans say they have no room for error in passing the tax bill. They only have a one-member majority on the committee, and two members say they could vote "no." 

The House has already passed a tax reform bill. Under its version, state and local property tax deductions would be limited to $10,000 a year.

If the Senate passes a tax reform bill, then the Senate and House must work out the differences between the two bills and revote on a revised one.