Stefanik to vote against tax reform bill


Stefanik to vote against tax reform bill

U.S. Rep. Elise M. Stefanik, R-Willsboro, will not be voting in favor of the House GOP’s tax reform legislation.The bill, which includes a $1.5 trillion plan that overhauls the tax code, is set to appear on the House voting floor later this week. A handful of Republican lawmakers from New York state, including Ms. Stefanik, have opposed the measure over concerns that eliminating the state and local tax deduction would do more harm to upstate New York than good. The tax bill cuts the corporate tax rate from 35 percent to 20 percent and in some cases doubles the standard deduction for middle- and upper-class families. But in highly-taxed New York state, the SALT deduction provides $68 billion in property, income and other tax relief for state residents, according to the Internal Revenue Service.Taxpayers could still file for a deduction of property taxes under the proposed bill, but that’s capped out at $10,000. Deductions for state and local income taxes and sales taxes would completely disappear.Tom Flanagin, spokesman for Ms. Stefanik, said she is working with colleagues to tweak the current bill before it goes up for a vote. Back in October, Ms. Stefanik voted against the Senate budget resolution, which included a tax reform plan with a SALT deduction elimination. “While I am a strong advocate for comprehensive tax reform that will make our tax code fairer and simpler for families and businesses in our district, I have concerns with language in this budget resolution related to eliminating the deduction for state and local taxes,” she said in a Facebook post after the vote. Last week, the Senate GOP released its own version of the tax plan. Their plan includes a full removal of the SALT deduction, including property tax relief.
Source: Watertown Daily Times Latest News
Stefanik to vote against tax reform bill

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