To: House Speaker Paul Ryan & Senate Majority Leader Mich McConnell
The proposed tax plan passed by the House of Representatives will have significant impacts on New York taxpayers. Specifically the proposal would eliminate all itemized deductions except the mortgage interest rate deduction. Furthermore, the real property tax deduction will be capped at $10,000.
Hudson Valley property owners consistently pay some of the highest property taxes in the nation. Capping or eliminating our ability to deduct real property taxes will not only have drastic impacts but will be a double taxation on New Yorkers. This would be a clear violation of federalism and push more New Yorkers to other states.
We urge you to address this issue before a final bill is agreed upon between your respective legislative bodies.
Senator Terrence Murphy