Last night, the U.S. Senate hastily passed a tax reform bill that proves once again they are not looking out for hardworking Americans and their families. The bill passed last night will strip middle class Americans of the critical tax deductions they have come to rely on while ensuring the wealthiest Americans and large corporations maintain and accrue even greater tax benefits and incentives. Americans have been lied to about how the bill will affect their families.
Americans have been told that middle class families will save money and the tax code will be "simpler." This is nothing more than smoke and mirrors. Under this plan, teachers will no longer be able to deduct their costs for buying supplies for their classrooms, but corporations will still be entitled to deduct the cost of office supplies. New York families will no longer be able to deduct their state and local taxes, but corporate tax rates will be drastically cut by more than 40 percent. Students will no longer be able to deduct the interest paid on their student loans.
The only thing simple about this tax code is who it hurts - hardworking Americans and their families while presenting an embarrassment of riches to families like the Trumps. The New York State Assembly Majority has long been committed to putting New York families first and the passage of this legislation has only strengthened our commitment to that mission. As we prepare for the coming legislative session, that mission has never been clearer.