"The Republican tax bill moving forward in Congress remains a bad deal for New York.
"The cap on state and local tax deductions would nullify billions of dollars' worth of deductions claimed by an estimated one million New Yorkers.
"Without further action, the bill would force significant cuts to Medicare and would eliminate numerous other programs, including the Social Services Block Grant, federal highway aid for emergencies and the Consumer Financial Protection Bureau. Based on Congressional Budget Office estimates, the bill is also expected to result in higher health insurance premiums or loss of coverage for many New Yorkers.
"The legislation will drive up the cost of borrowing for state and local governments' capital investments by eliminating the option for advance refunding of outstanding debt. In the past four years alone, this option has generated approximately $1.1 billion in total long-term savings for the state. Local governments, school districts and public authorities in New York have achieved similar savings.
"This bill will also add to New York's heightened uncertainty surrounding state tax revenues and federal aid.
"I urge members of New York's Congressional delegation to oppose this deeply troubling legislation. It has far-reaching and negative implications both for our state's economy and for individual New Yorkers all across the state."