While much could change about the GOP’s current tax reform plan, left as is, Rep. Peter King said his colleagues can count him as a definite ‘no’ vote.
"Right now, I’m definitely voting no, and what I find infuriating is people in the administration and House and Senate leadership say that because we lost the suburbs in Virginia and Long Island and in New Jersey the answer to that is to pass a tax reform bill which is going to raise their taxes,” he explained to Fox News’s Maria Bartiromo.
“They are the areas that are hurt the most. My suburban district voted for Barack Obama twice, voted for Donald Trump by nine points. It was a 14-point turnaround and they are going to lose most of their property tax deduction, all of the state income tax deduction, the family of four will lose $18,000, the individual exemption, if they have medical bills you’ll lose that especially if they have someone with a long term illness. … this is going to have a devastating impact on areas like mine and Long Island and it’s unfair.
The New York Republican then went on to explain why his state, and neighboring New Jersey, are high tax states.
“One of the reasons we’re high taxed is because so much of our revenue that goes to the federal government doesn’t come back to us. We get 79 cents back on the dollar. Other states get much more back than they contribute into the federal government. New Jersey gets about 61 cents back on every dollar. So we get murdered at one end and now we’re gonna get it again by taking away most of the property tax deduction and all of the state income tax deduction plus the individual exemption and those tax …deductions have been there since 1913.”
Bartiromo said the way the GOP is advertising the plan is very misleading.
“I just wish they wouldn’t call it the greatest American tax cut in history when we know so many people are actually getting a tax increase.”