New York’s Democrat governor Andrew Cuomo is taking tax reform pretty hard. During a recent appearance on CNN, he called a form of economic civil war – whatever that means.
The Daily Caller has the details:
Cuomo: GOP Tax Law ‘Economic Civil War’ On Blue States [VIDEO]
New York Democratic Gov. Andrew Cuomo believes the new tax law is a declaration of “economic civil war” on high-tax liberal states because it limits the deductibility of state and local taxes to $10,000 per year.
“One of the really devilish things in the bill, is they then eliminate the deductibility of state and local taxes, which sounds like a mouthful, but what it says is up until now, for over 100 years, you paid a state tax, you paid a local tax, you deducted that from your federal tax. They’re eliminating that. So you’re now paying two taxes, you pay a tax to the state, or a tax to the local government. And then the federal government taxes that tax,” the governor told CNN, “It happens to occur coincidentally on only blue states.”
The vast majority of Americans do not itemize their deductions on their tax returns, and instead take the standard deduction. The new law doubles that standard deduction. With rare exception, only the wealthiest Americans will face an issue with the new $10,000 deduction cap.
Watch the video:
What a dope.