President Donald Trump’s tax cut plan is so far just a one-page outline, but it’s already raising some red flags for New York’s political leaders.
The plan would slash corporate taxes and nearly double the standard deduction for married couples to $24,000.
But the proposal also would eliminate the practice of deducting state income taxes and local property taxes from federal income taxes, and that could harm taxpayers in states with high local taxes, like New York.
Gov. Andrew Cuomo has been worried about the potential change for a while.