“It will be absolutely devastating for Long Island,” he told WCBS 880’s Sophia Hall.
“One report by the Long Island Association says it could be a more than $4 billion tax increase for a region like ours that already sends $23 billion than we get in return from Washington,” said Bellone. “This is just a slap in the face.”
The proposed tax plan would eliminate homeowners’ state and local income tax deductions. Property tax deductions would be capped at $10,000, and mortgage interest deductions for new home loans would be limited to $500,000 instead of the current $1 million.
“The impacts of what would amount to a massive tax increase on Long Island – federal tax increase – are widespread,” Bellone said. “Lower property values, less consumer spending, less revenue coming into the local government to do things like combatting MS-13.”
On Tuesday, Republican and Democratic leaders stood together on Long Island, urging Congress to slow the process and consider the ways they’re hurting their neighbors in the Northeast.