NEW YORK (Reuters) – New York Governor Andrew Cuomo said on Wednesday the state is developing a plan to restructure its current income and payroll tax system in reaction to the massive U.S. federal tax overhaul passed along party lines in late December.
Cuomo, a Democrat and outspoken critic of the legislative changes, outlined in his 2018 State of the State agenda he will also challenge the new law in court as unconstitutional on the grounds that the first federal double taxation in U.S. history violates states’ rights and equal protection.
Law - New - York - Agenda - Damaging
“This law will hurt New York,” the agenda said. “These damaging reforms risk driving people from the state and reducing our ability to attract businesses.”
The sweeping Republican tax bill signed into law by U.S. President Donald Trump last month introduces a cap, of $10,000, on deductions of state and local income and property taxes, known as SALT. The tax overhaul was the party’s first major legislative victory since Trump took office in January 2017.
SALT - Provision
The SALT provision will...
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