U.S. Rep. Tom Suozzi, D-Huntington, Tuesday urged New Yorkers to stop financially supporting politicians who are opposed to deductions involving state and local taxes.
“The SALT cap of 2017 was a gut-punch to New Yorkers, who already subsidize other states by paying more in taxes than we receive back from the federal government,” Suozzi said. “COVID has compounded SALT and we are now seeing large corporations and their employees looking to move to other states.”
The congressman said that in 2019 and 2020, 7,806 New Yorkers contributed over $35 million to Majority Leader Mitch McConnell (R-KY), Senator Lindsey Graham (R-SC), and GOP-associated Senate PACS. From 2015 to 2019, New York has sent $116 billion more to the federal government that they received back. Over that same period, Kentucky has received $148 billion and South Carolina $87 billion more than they contributed, he said.
Suozzi also said that the failure to provide relief to state and local governments is leading people and businesses to leave the state. Suozzi announced that he intends to ask all members of Congress to pledge to repeal the SALT cap.
Suozzi cited reports of Goldman Sachs asset-management division, as well as other financial institutions, who are considering leaving New York for Florida and other states.