New York GOP Reps Criticize Tax Plan - Opposing Views

New York GOP Reps Criticize Tax Plan

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Several Republican politicians from New York have criticized the House GOP's tax plan, which was released Nov. 2.

The plan would cut corporate tax rates and also includes some reductions for middle income earners, according to the New York Daily News.

"I have to be opposed to it," Rep. Peter King told the Daily News. "It will raise taxes on my constituents who will be subsidizing tax cuts for the rest of the country."

Westchester County Executive Rob Astorino agreed, tweeting that the "GOP House tax bill stinks for Westchester's middle class. Kill it, give [New York] real tax relief to create jobs & grow economy!"

King is attempting to encourage a number of GOP members of the House from high tax states to join him in opposing the measure. This would include Republicans from California.

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"It's going to be tough because I assume [House leaders] are going to try and pick them off one by one," added King.

GOP leaders have indicated they hope to pass the legislation in time for President Donald Trump to sign it into law by the end of 2017.

Democrats were also quick to denounce the tax proposal. New York Gov. Andrew Cuomo described it as a "diabolical dimension."

New York Sen. Charles Schumer is another who has attacked the bill.

"The so-called Republican tax plan will increase taxes on the middle class, explode the deficit and undermine Medicare and Medicaid," added Rep. Hakeem Jeffries. "It will saddle your children and grandchildren with more than a trillion dollars in debt -- simply to provide millionaires and billionaires with a massive tax cut."

Several business organizations have also expressed their doubts, including the National Federation of Independent Business.

"This bill leaves too many small businesses behind," said Juanita Duggan, the group's president, according to CNN Money.

John Arensmeyer, CEO of the Small Business Majority, raised a similar concern. The Republican plan suggests reducing tax rates on pass-through companies, which are used by individuals to transfer business earnings to their personal income tax bills. However, Arensmeyer noted that most small business owners are already taxed at 25 percent, meaning they would see no change.

"This proposal would primarily help wealthy individuals rather than small businesses," he said.

The legislation also proposes capping mortgage deductions at $500,000 rather than $1 million. The National Association of Home Builders stated that this change would mean the middle class would be hit hard by declining home values.

Sources: New York Daily News, CNN Money / Featured Image: LBJ Library/Flickr / Embedded Images: Michael Vadon/Wikimedia Commons, The White House/Flickr

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