Residents of New York, New Jersey, and California are "gonna get screwed" because of President Donald Trump's tax cuts, Fox Business correspondent Charles Gasparino said Thursday.
Gasparino appeared on Joe Piscopo's New York City radio show and talked about the tax cuts Trump signed into law in December and how they will impact some Americans in high-tax states.
"Average people are gonna get screwed by Donald Trump in New York, New Jersey, and California. Maybe your listeners in Iowa are like, 'Screw them. Who cares about those Yankees?' But I'm telling you, average people, your viewers, are gonna get screwed by this tax cut," Gasparino said.
"This tax cut doesn't cut income taxes that much, it cuts the corporate tax rate dramatically, which hopefully creates some jobs and we have to see that kick in in a more dramatic way, and it cuts small business rates . . . I'm telling you, your viewers and listeners are screwed here."
Mediaite posted audio of the segment.
The new tax code caps the state and local tax (SALT) deduction on federal tax returns at $10,000, which impacts residents of high-tax states. Those states are now scrambling to change their own tax codes to lessen the tax burden for their residents.
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