Ever since President Donald Trump pushed through his controversial Democrats and Republicans have been bickering about its merits.
But State Sen. Simcha Felder (D-Borough Park, Midwood, Bensonhurst, Kensington), who caucuses with the majority senate Republicans, gave some thought on how taxpayers should not be caught in the crossfire between the partisan squabbling. The bottom line is their taxes shouldn’t go up.
Thus, Felder, a bookkeeper by trade and deputy city comptroller under former Comptroller John Liu, came up with a solution that will save New York taxpayers $1.5 billion.
Under the Trump measure, the government caps the federal tax deduction on any state taxes over $10,000. Felder’s solution is to give all New York taxpayers a tax credit for any state taxes they pay over $10,000 while the tax reform is in effect.
Apparently the state Senate agreed. Mainstream Democrats, members of the Independent Democratic Conference and Republicans passed his measure unanimously. The measure now moves to the assembly.
Check out the following video.
