Tags: pete king | tax reform | legislation | senate | house

Rep. Pete King: Tax Reform Legislation Is Moving Along Too Quickly

Rep. Pete King: Tax Reform Legislation Is Moving Along Too Quickly
(AP)

By    |   Wednesday, 29 November 2017 01:22 PM

It does not appear that the state and local tax deductions will be restored in tax reform legislation being presented for a vote later this week, Rep. Pete King said Wednesday, while voicing fears that the legislation is moving too quickly through the House and Senate.

"I am very opposed to the fact they are taking out the state and local tax deduction," the New York Republican told MSNBC's "Morning Joe" program. 

"That to me is really going to be extremely damaging to Long Island."

He said he's also concerned about how quickly the reform measure is coming together, pointing out that during the Reagan era, "they spent two years putting together a tax bill."

He said he's also concerned about "unforeseen circumstances" with tax reform, as the plan calls for taking away deductions for medical expense and student loans.

"There's other issues involving local financing, which local controllers have told me are going to cost local governments millions of dollars," said King. "These are issues we haven't even gotten to. They're buried in the bill."

But instead of taking the time to talk about the bill, King said, "we're rushing this through to get a win on the board. There's no sense in getting a win on the board if it's actually a loss."

King said he expects the Senate will allow the property tax deduction of up to $10,000, and take away the income tax reduction.

"For districts like mine, in high tax areas, one of the reasons is every year New York loses $48 billion that we pay in revenue," said King said, while describing the proposed bill's effects. "It is not given back to us, it's given to other states around the country."

Meanwhile, White House budget chief Mick Mulvaney has talked about "how New York should get its house in order," King said, but "we lose $48 billion, $23 billion from Long Island and Mulvaney's state (when I hear Mick Mulvaney talk about New York should get its house this order, we lose $48 billion. $23 billion from Long Island and Mulvaney's state (South Carolina) picks up $23 billion that they didn't put in. So it's totally unfair, extremely unfair."

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It does not appear that the state and local tax deductions will be restored in tax reform legislation being presented for a vote later this week, Rep. Pete King said Wednesday, while voicing fears that the legislation is moving too quickly through the House and Senate.
pete king, tax reform, legislation, senate, house
365
2017-22-29
Wednesday, 29 November 2017 01:22 PM
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