taxes

David Klepper / AP

Governor Cuomo and New York Senator Chuck Schumer are once again warning that New Yorkers will be hurt if the Republican tax overhaul plan in Congress is approved.

Schumer, who is Senate Democratic leader, says while the tax plan has changed from the original version, 71 percent of the deductions that now benefit state residents would be eliminated. The plan would end deductions for state and local income taxes, and cap the property tax deduction at $10,000 a year.  

“The plan will increase taxes on New Yorkers by $16 billion,” Schumer said in a joint conference call with Cuomo.

Cuomo says the plan would undo seven years of work that his administration has done to keep taxes and spending steady in New York.

J. Scott Applewhite / AP

The tax plan unveiled by Republicans in the House of Representatives will disproportionately raise taxes on those living in Northeast states like New York, New Jersey and Connecticut. Many lawmakers from the region, including Republicans, are against the plan.

Jessica Hill / AP

On Tuesday Connecticut Governor Dannel Malloy signed a bipartisan state budget agreement into law.

Mike Groll / AP

Wall Street profits are up by one-third over the same period last year, says the New York State comptroller. Comptroller Tom DiNapoli says the gain of $12.3 billion is good news for New Yorkers with retirement accounts invested in the market, as well as the state’s pension fund.

J. Scott Applewhite / AP

After the U.S. House of Representatives narrowly passed a budget resolution on Thursday, members of the New York Congressional delegation said the plan would hurt New York and Connecticut residents.

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