Gov. Andrew Cuomo bristled at the Trump Administration's plan for a $100-billion tax cut, which he charges would chiefly benefit the nation's wealthiest 1%. Gov. Andrew Cuomo bristled at theTrump Administration's plan for a $100-billion tax cut, which hecharges would chiefly benefit the nation's wealthiest 1%.

NEW YORK CITY—New York Gov. Andrew Cuomo has vowed to proposelegislation to “decouple” state tax policy from the federal taxcode if the Trump Administration follows through on a plan to enacta $100-billion capital gains tax cut.

Gov. Cuomo also called on Congress to block the capital gainstax cut proposal that he said would only benefit the nation'swealthiest 1% in violation of the US Constitution. President Trumprecently asked the U.S. Department of Treasury to studyunilaterally slashing capital gains taxes by adjusting the levy forinflation, which would lead to approximately $100 billion in taxcuts over the next 10 years.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

New York
Economy
Northeast