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.

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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".



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