Rep. King: House Tax Proposal Would 'Screw' New York

Mick Mulvaney director of the Office of Management

President Donald Trump's Budget Director balked Tuesday at Gov. Andrew Cuomo's argument that Republican tax reform plans could drive wealthy New Yorkers out of the state, leaving the remaining less-wealthy residents to pay a greater share of state taxes.

King in a tweet also noting Superstorm Sandy aid said Mulvaney probably "feels inferior" because "New York subsidizes his state of SC".

"Whose fault is that?".

Cuomo said the House bill, with the loss of the deduction for state income taxes and a cap on the deduction for property taxes, "disproportionately targets states like NY, which already sends $48 billion more to Washington than it gets back in funding - the highest of any state in the nation". Eliminating this provision would cause taxes to go up faster in states such as NY where the income tax is higher.

Mulvaney spent a significant share of his 45-minute session with regional reporters fending off questions from reporters from NY and New Jersey.

The Senate would eliminate the deductions completely while the House version, which could be voted on as soon as Thursday, would eliminate deductions on state and local income taxes and cap at $10,000 deductions for local property taxes. He criticized the $10,000 property tax cap, saying that while that would be plenty in most parts of the state, it's not enough in the higher-income communities in the NY metro region, where property values run much higher and total tax bills often eclipse $10,000. House Majority Leader Kevin McCarthyKevin Owen McCarthyMcCarthy hits GOP senators on ObamaCare: Some "don't deserve to stay in office" House members warned recess could be delayed over healthcare House to vote on Russian Federation sanctions deal next week MORE (R-Calif.) asked on the Fox Business Network last week.

He said Mulvaney's home state of SC, on the other hand, receives far more federal funds for every dollar spent in income taxes. "Because that's the way the world works right now. And I think you could make the argument that is not fair, that is not right". "So I don't think it's up to the federal government to save NY from its bad decisions".

Zeldin called NY, and his district, a "net contributor" to the federal government. The House bill would cap property tax deductions at $10,000, while killing state income and sales tax deductions.

Parents mortified by American high school 'penises' mascot name
Fraughton asked the school to have students vote to pick a new name that isn't a "potentially risky choice". Everything was fine and well until a group of parents practised their updated chants for the sports team.

Apple faces US ITC inquiry in patent dispute
Apple products in the investigation include "certain Apple Mac computers, iPhones, iPads, iPods, and Apple TVs". The ITC will set a deadline for a final determination in the investigation within 45 days of its institution.

Casemiro: Neymar welcome at Madrid
During his post-match interview, the Brazilian said "I like the way we played". I'm totally realistic and what I don't like is these false stories about me.

In a statement, Cuomo shot back at Mulvaney, and said the budget director "should know better and he does".

Cuomo and state Controller Thomas DiNapoli said eliminating or changing the federal deductibility could cost NY billions of dollars.

"We've been subsidizing Mick Mulvaney and his constituents for years", King said.

The budget director also cast doubt on another argument that Cuomo and other advocates of the current system make: that by withdrawing the deduction, the federal government would, in essence, be taxing state and local tax benefits, which would do far more damage in a high-tax state such as NY.

And he rejected the notion of double taxation.

"I'm like: 'No, we're only taxing you once".

He also said other changes in the tax reform bill, like a likely doubling of the standard deduction, would offset the loss of deductibility for most people. "And now he seems to use every opportunity to take shots at NY".

Related:

Comments

Latest news

The Essentials of Being an Eco-Friendly Hotel
Conserve Energy Lights, water heaters, and air conditioning units, among other things, consume the most electricity in hotels. Through these actions, the hotel can build a better name by showing its clients how it values environmental sustainability.

Money Saving Tips for Business Owners
JJBender.com is a trustworthy and reputable source of used office equipment that offers a wide variety of products. And in today’s economy, every small business owner is looking for ways to save money and reduce expenses.

Blizzard teases EA on Twitter over Battlefront controversy
These microtransactions come in the form of loot crates, which have in them randomly generated in-game features and items. We know some of our most passionate fans, including those in our subreddit, have voiced their opinions, and we hear you.

'I want to return' - Maradona seeks another crack at Argentina job
I am furious because they are throwing away our prestige, but it is not the fault of the lads. In second place is Gerardo Martino, who appears with 74 percent in 29 games.

Who Is Michael Quigley? Manhunt Underway For Ortonville Shooting Suspect
Captain Gary Miller told WXYZ that Quigley is believed to be on foot but could have gotten into a vehicle . Quigley, 34, may have shot his wife and her boyfriend in Ortonville, leaving both with critical injuries.

How to watch OnePlus 5T event livestream
The secondary rear camera will come with a 20MP Sony IMX376K camera sensor with f/1.7 aperture and dual LED flash. If this is something to go by, fans may also expect a drastic improvement in terms of low-light photography.

Infinix Zero 5 Launched Powered with Helio P25 Chipset and 6GB RAM
The USP of both the variants of Zero 5 is their Dual rear camera and battery of 4350mAh with 18W xCharge for fast charging. The model with 64 GB of internal storage starts at Rs 17,999 while the one with 128 GB of storage is priced at Rs 19,999.

Korean soldier defects to South, suffers gunshot wounds from North
The official said the South's soldiers heard a gunshot and then retrieved the unarmed and bleeding soldier in the mid-afternoon. Command and by North Korea, with South Korean and North Korean border guards facing each other only meters (feet) apart.

Pope Francis auctions $237000 Lamborghini gift for charity
The special-edition sports auto is expected to sell for significantly more than its Italian retail price of around €200,000. He blessed it, signed its hood, and promptly handed it over to Sotheby's, which will auction off the Huracan on his behalf.

Quick Hits: Peterman to start at QB Sunday
Peterman threw for more yards than Tyrod Taylor (56), but the Saints had called off the dogs by that point. McDermott says he is impressed with his maturity as a young player.

Rear-facing 3D sensor could feature in 2019 iPhones
Talking about the technology behind the existing system, the TrueDepth sensor basically depends on a structured-light technique. The next generation of Apple Inc.'s iPhone will have lasers - literally, at least according to a newly published report.

The first trailer for Deadpool 2 is here and it's insane
David Leitch takes over as director for Tim Miller , working off a script from the first movie's Rhett Reese and Paul Wernick. Fox released the first teaser for Deadpool 2 today, revealing the first official footage from the sequel.

The full-length trailer for American Crime Story: Versace is here
This is the first time that the world gets to see Penelope Cruz and Edgar Ramirez as Donatella and Gianni Versace respectively. Following last year's award-winning series The People v.

The Buckingham Research Reiterates "Buy" Rating for Target Corp. (TGT)
TRADEMARK VIOLATION NOTICE: This news story was originally reported by StockNewsTimes and is owned by of StockNewsTimes. Finally, Jolley Asset Management LLC boosted its holdings in shares of Target Corporation by 2.2% in the 2nd quarter.

Alwar Police produce arrested accused in Umar murder case in court
He had said that they had found "5-6 cases" against Tahir, including abduction, and that he had been absconding for some time. Umar died of a bullet wound on the spot, while another suffered bullet injuries has been admitted to a Haryana hospital.

Other news