Councilman David Weprin, Chairman of the Council Finance Committee, Speaker Gifford Miller, and Majority Leader Joel Rivera introduced an important resolution at a recent meeting.
The resolution expresses the Council's negative response to the proposals of the President's Advisor Panel on Federal Tax Reform to eliminate the deductibility of state and local taxes for individuals and corporations and to replace the deduction for mortgage interests. The panel proposed this plan in their November 2005 report.
According to reports, this proposal, if passed by Congress and the President, will cost New York City taxpayers billions of dollars and make it virtually impossible for the City to fund critical services.
“New York City already sends Washington $13 billion more each year than we get back in aid and services and we are already grossly underfunded by the federal government in many areas, such as homeland security and Medicaid,” said Councilman Weprin.
This resolution is set to be heard by the Council Finance Committee on December 12.
Weprin Condemns Plan For U.S. Tax Reform
By QNS News Team
Posted on
