“It will be absolutely devastating for Long Island,” he told WCBS 880’s Sophia Hall.READ MORE: Storm Watch: Officials Hoping To Avoid Repeat Of Ida With Preparations For Nor'easter
“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.”READ MORE: NYPD: Man Shot Inside Union Square Subway Station
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.”MORE NEWS: Exclusive: CBS2 Cameras On Hand At Unannounced Security Screenings At Troubled New York City High Schools
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.