Over the weekend, while most of us were sleeping, the Senate rushed through a major overhaul of the federal tax code. This so-called reform bill benefits the wealthiest Americans at the expense of working and middle-class families, especially here on Long Island.
Under the Senate plan, the state and local tax deduction (SALT) would be eliminated and the property tax deduction would be capped at $10,000. In Suffolk County, the average SALT deduction is currently $15,213, with another $12,683 in property-tax deductions.1
Long Islanders face steep property taxes Nassau County, for instance, is one of only three counties in the whole country whose median property tax bill exceeds $10,000.2 Suffolk County is not far behind. Instead of helping families who desperately need relief, the tax plan will force them to pay hundreds or thousands more in taxes, taking money out of the pockets of hardworking families and giving it to the ultra-wealthy.
If one thing is clear about this new tax plan, its that the president and Congress are more concerned with helping the rich get richer, while ignoring their constituents who trusted them to look out for their best interests. We can - and we must do better.