For Immediate Release: September 5, 2018
New York, New York - U.S. Senate candidate Chele Farley (R, C, Reform) today announced her strong opposition to a possible vote in Congress that would result in making the $10,000 cap on state and local tax (SALT) deductions permanent.
“I strongly urge Senator McConnell and Speaker Ryan to put off making additional changes to our tax laws permanent until action is taken to lift the SALT cap,” said Farley.
The impact of the Tax Cuts and Jobs Act of 2017 has been positive for many New Yorkers, but the measure has had a negative impact in places such as Westchester, Long Island and other communities around the state in which homeowners have large property taxes or residents have large state tax bills.
“New York desperately needs a voice at the table, and there is not a single Republican in the Senate who represents any of the states most affected by the cap on SALT. In the Senate, every vote counts, and when elected I won’t leave the table until the cap is increased,” said Farley.
The Tax Cuts and Jobs Act of 2017, which was signed into law last December, has had a positive impact on the nation’s economy, but its cumulative impact will actually increase New York’s status as a donor state. Last year, New York sent $48 billion more to Washington then was returned to the state, and this loss will only increase in 2018, due to the cap on SALT. New Yorkers had over $72 billion in SALT deductions in 2015, including $52 billion for income taxes and $21 billion for property taxes, according to a report from the NY Comptroller.
“We must reverse the trend of New Yorkers picking up the tab for
spending priorities in other states. From deteriorating roads and bridges to a broken transit system, New York can no longer afford to be a donor state,” said Farley.