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Wednesday, January 10, 2018

Roosevelt Island Congresswoman Carolyn Maloney Hosting Forum About New Tax Law Affect On New Yorkers Saturday, January 13 - You're Invited To Hear From Experts

Roosevelt Island's Congresswoman Carolyn Maloney is hosting a forum about the newTax law and how it affects New Yorkers on Saturday, January 13.

Congresswoman Maloney issued this January 9 press release:
Congresswoman Carolyn B. Maloney (NY-12) today announced that she would redouble her efforts to restore the full deductibility of State and Local Taxes (SALT) by encouraging New York City and State to review a creative new plan to counteract the effects on New Yorkers of the tax law recently passed by Congressional Republicans.

The proposal, put forth by Rep. Josh Gottheimer (NJ-05) and Governor-elect Phil Murphy of New Jersey, encourages states and localities to set up charitable trusts for the purpose of funding investments in education, law enforcement, first responders and other essential government services. Taxpayers could make tax-deductible contributions in lieu of state and local taxes in order to offset the severe cuts in SALT deductions in the new tax law.

“The Republican tax law is a declaration of war on New Yorkers and we need to fight it with every tool at our disposal in order to protect ourselves from the massive tax hikes we are now facing,” said Rep. Maloney. “The law’s severe restriction of the SALT deduction effectively double taxes millions of New Yorkers, forcing us to pay significantly higher federal taxes while causing our home values to drop. This restriction will also force our state and local governments to slash investments in education, police, fire and other essential services. That is why I am calling on Governor Cuomo, Mayor de Blasio and all of New York City and State’s elected officials to seriously consider the Gottheimer-Murphy proposal and any others that may counteract the harm the Republicans’ tax scam will do to our city and state.”

More than half of New York tax filers rely on the SALT deduction to reduce taxes paid to the federal government. New York is already a “donor” state, paying $56 billion more in taxes to the federal government than it receives in federal funding. The severe reduction in allowable SALT deductions in the new tax law would result in an even larger gap between federal taxes paid and federal funding received.