Cuomo Sees Blow From N.Y. Tax-Hike Plan Offset by SALT Repeal

New York Governor Andrew Cuomo said he expects the tax increases in his state budget deal to be offset by a repeal of the federal cap on state and local tax deductions.

Cuomo said he has spoken to New York’s congressional representatives and President Joseph Biden, and “fully” expects a SALT repeal. When that happens, net taxes will be 37% lower, the third-term governor said Wednesday during a press briefing.

“When you talk about this tax package you cannot talk about it without anticipating a SALT repeal,” he said. “When SALT is repealed, the taxes will be going down.” ...