County leaders across New York are the latest to complain about the tax overhaul plan now being crafted in Congress. They predict higher taxes for many New Yorkers, declining home prices, and slowed economic growth.
Albany County Executive Dan McCoy says the federal tax bill will lead to many middle and upper class New Yorkers paying higher taxes, because of the proposed end to state and local tax deductions. And he says the state’s over $4 billion dollar projected deficit and potential funding cuts isn’t helping either.
“Brace yourselves,” McCoy said.