Schumer pushes to preserve tax deductions for middle class
U.S. Senate Minority Leader Charles Schumer has vowed to fight President Donald Trump’s tax plan. Schumer says the plan would strike a critical blow to New York’s middle-class homeowners and taxpayers.
Schumer on Sunday denounced the tax code Trump proposed this week that would end the federal deduction for state and local taxes.
Schumer says reductions or removal of the deductions would hit New York especially hard due to local cost of living and higher local property tax burden. Schumer says eliminating the deductions could cost New York residents an average of $4,500 per year.
Under the current system, taxpayers who itemize deductions on their federal income tax returns can deduct state and local real estate and personal property taxes as well as either income taxes or general sales taxes.