Sen. Schumer Speaks Out Against TrumpTax in Syracuse
On Monday, Senate Democratic Leader Chuck Schumer joined elected officials, small business owners, tax experts, and affected families at Syracuse City Hall for a press conference on the TrumpTax’s disastrous impact on New York’s working families.
The event continued a nationwide tour to shed light on the devastating repercussions of Republican tax breaks for millionaires, billionaires, and wealthy corporations at the expense of working families.
“So much of the benefit [of the tax plan] goes to the wealthiest and most powerful corporations and to the wealthiest individuals,” said Senate Democratic Leader Chuck Schumer. “As people learn about this, they don’t like it. Here’s the equation that we all worry about: they give a huge tax break to the wealthiest individuals and biggest corporations. They then create a 1.5 trillion dollar deficit. And then they say cut Medicare, Medicaid, and Social Security. It’s outrageous.”
According to the Tax Policy Center, the tax plan recently passed by Congress will result in 92 million middle-income families across America will pay more in taxes, while the richest 0.1 percent will get a nearly $150,000 tax break.
This new tax law is especially harmful for New Yorkers, with the Institute on Taxation and Economic Policy found New York taxpayers would be the nation’s second biggest loser under the plan, with a net tax increase of $4 billion.
