Assemblymember Taylor: Federal Tax Scam is a Giveaway to the Rich at the Expense of Working Families

“The federal tax overhaul passed by Congress will inflict real, lasting damage on far too many New Yorkers. The legislation has virtually no public support, and for good reason – it gives tax cuts to the 1 percent so they can get even richer, and takes away deductions the rest of us have relied on.

“It’s not a tax plan, it’s a tax scam. The corporate tax rate will be dramatically cut, and middle-class families will be the ones paying for it. Hardworking New Yorkers will see valuable deductions they rely on disappear, increasing their tax burden and leaving them with less money to save for college, afford child care and pay for the rising health care costs that will occur because of this law.

“That’s not the end of it, either. The legislation will grow the deficit and contribute even more to our federal debt, but then again that’s the point. Because now, congressional leaders have the excuse they need to make huge cuts to programs like Medicare, Medicaid and Social Security that millions of Americans count on and have been paying into their entire working lives.

“To President Trump and congressional leaders, I ask: Have you no shame? This law is a handout for the rich masquerading as tax reform. I can assure you that here in New York State, we’ll fight tooth and nail to protect working and middle-class families, because unlike the federal administration, the Assembly Majority is focused on improving New Yorkers’ lives and putting families first.”