Schumer Statement on New Study Revealing GOP Proposal to Cap State and Local Tax Deductions Would Cost a Trillion DollarsOctober 12, 2017
Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement regarding a new study from a conservative group revealing that the GOP proposal to cap state and local tax deductions would cost a trillion dollars:
“When it comes to the state and local tax deduction, Republicans are playing with an unsolvable Rubik's Cube. As the new estimate from the conservative Tax Foundation reveals, either Republicans continue down a path of proposing half-baked ‘solutions’, like a new cap on state and local income tax deductions that adds a trillion dollars to the tab of tax reform, or they hike taxes on millions of middle-class families – two bad choices that will both ultimately fail to win sufficient Republican support.
“Rather than pursuing a partisan path, Republicans should drop this provision, start from scratch on the overall framework and work with Democrats on a bipartisan solution to ensure that tax reform benefits the middle class instead of the rich, and doesn’t add to the deficit.”