Officials, business leaders: Tax plan would be devastating to LI residents, economy

Posted: Updated:
WOODBURY -

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.

  • SlideshowsSlideshowsMore>>

  • Deadly wildfire devastates Northern California town

    Deadly wildfire devastates Northern California town

    Only a day after it began, the fire near the town of Paradise had grown to nearly 110 square miles and investigators found five people dead in vehicles that were torched by the flames.

    Only a day after it began, the fire near the town of Paradise had grown to nearly 110 square miles and investigators found five people dead in vehicles that were torched by the flames.

  • Just Married on Long Island

    Just Married on Long Island

    News 12 Long Island wants to announce your wedding. Share your pictures and videos with News 12 Long Island viewers!

    News 12 Long Island wants to announce your wedding. Share your pictures and videos with News 12 Long Island viewers!

  • 2018 Long Island Music Hall of Fame Induction Ceremony

    2018 Long Island Music Hall of Fame Induction Ceremony

    Friday, November 9 2018 5:43 AM EST2018-11-09 10:43:41 GMT

    The Long Island Music Hall of Fame inducted its 2018 class Thursday night at a ceremony at The Space at Westbury.

    The Long Island Music Hall of Fame inducted its 2018 class Thursday night at a ceremony at The Space at Westbury.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."