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.

  • SlideshowsGalleriesMore>>

  • Dog Day Fridays for Jan. 24

    Dog Day Fridays for Jan. 24

    Friday, January 24 2020 8:39 AM EST2020-01-24 13:39:06 GMT
    This week's dogs are up for adoption at Jake's Rescue Ranch, Inc. They brought five puppies!
    This week's dogs are up for adoption at Jake's Rescue Ranch, Inc. They brought five puppies!
  • Photos: Viral outbreak in China

    Photos: Viral outbreak in China

    Chinese health authorities urged people in the city of Wuhan to avoid crowds and public gatherings.
    Chinese health authorities urged people in the city of Wuhan to avoid crowds and public gatherings.
  • Sights and scenes from the 2020 SAG Awards

    Sights and scenes from the 2020 SAG Awards

    Sights and scenes from the 2020 SAG AwardsSights and scenes from the 2020 SAG Awards
    Sights and scenes from the 2020 SAG AwardsSights and scenes from the 2020 SAG Awards
    Sights and scenes from the 2020 SAG Awards
    Sights and scenes from the 2020 SAG Awards
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."