ANY REDUCTION IN MORTGAGE TAX DEDUCTIONS DAMAGING TO LONG ISLAND
SCHUMER: LI HOMEOWNERS IN TAX JEOPARDY AS NEWLY CONFIRMED U.S. TREASURY SECRETARY SUGGESTS REDUCTION IN MORTGAGE, STATE & LOCAL PROPERTY TAX DEDUCTIONS;
PoliticalNews.me - Feb 27,2017 - SCHUMER: LI HOMEOWNERS IN TAX JEOPARDY AS NEWLY CONFIRMED U.S. TREASURY SECRETARY SUGGESTS REDUCTION IN MORTGAGE, STATE & LOCAL PROPERTY TAX DEDUCTIONS; WOULD HIT LI PARTICULARLY HARD; SENATOR PLEDGES TO USE NEW ROLE TO FIGHT ANY EFFORTS THAT WOULD PICK THE POCKETS OF ALREADY-STRAPPED LI TAXPAYERS & HOMEOWNERS
Standing With Brand New LI Homeowners, Schumer Pushes To Keep In Place Vital Federal Deductions LI Depends On; Pledges Fight
LI Locals Have Expressed Serious Worries with Secretary Mnuchin & Future of Critical Deductions; Schumer-Backed Deductions Help LI Families Pay Mortgage, State & Local Taxes
Schumer: LI Homeowners Cannot Afford a Giant Tax Increase Courtesy Of the Feds
Standing with brand new Long Island homeowners, and amidst rising local anxiety about looming tax proposals, U.S. Senator Charles E. Schumer today launched a push to preserve very popular and essential, but, nevertheless, at-risk tax deductions Long Island homeowners and taxpayers depend upon to keep LI’s high cost of living in-check. Whether new Long Island homeowners, longtime owners, or those looking to buy right now, Schumer explained that locals are in tax jeopardy as newly-confirmed U.S. Treasury Secretary Mnuchin and many Republicans in Congress have suggested limiting or eliminating the mortgage interest and state and local property tax deductions. Schumer said that reductions to—or the removing of these sorts of tax deductions—would hit LI particularly hard, given the high local cost of owning a home. Schumer has pledged to fight any efforts that would rollback critical savings deductions used by Long Island homeowners and taxpayers.
"Long Islanders have sounded the alarm about looming threats to both the mortgage interest and state - and-local tax deductions – vital policies that keep the local cost of living in check for already hard-hit Long Island homeowners. I hear you loud and clear and I will aggressively fight any push to kill these policies that benefit and build the American middle class,” said U.S. Senator Charles Schumer. “Treasury Secretary Mnuchin and many in Congress, especially in the House, just do not understand the critical need for federal tax deductions that Long Island homeowners depend on to make ends meet. Eliminating, or even reducing, these deductions would absolutely hammer hardworking Long Island homeowners right off the bat, and it would dissuade those looking to purchase a home on Long Island. I will use my clout in the Senate to fight all efforts that would roll back the critical mortgage-interest deduction and the state and local property tax deductions.”
Kevin S. Law, President & CEO of the Long Island Association said, "The potential elimination or capping of the deductions for mortgage interest and state and local taxes on federal tax returns would be devastating to our region, weakening the real estate market and stunting economic growth, and thus we commend Senator Schumer for vigorously opposing any plans to inequitably change the tax code on the backs of Long Islanders."
Peter Elkowitz Executive Director of the Long Island Housing Partnership said, “The mortgage interest deduction is critical to a high cost area such as Long Island. The elimination of this deduction would be very harmful