Cuomo to meet with Trump about impact of tax changes in NY

Andrew Cuomo

Andrew Cuomo sat down with President Trump on Tuesday to discuss revising a portion of Trump's 2017 tax overhaul, a measure Cuomo contends is driving the wealthy out of the state.

"President Trump talked about the positive impacts of the Tax Cuts and Jobs Act on the American economy, and the president listened to the governor's concerns regarding SALT", a statement from the White House read.

The White House said the meeting demonstrated Trump's willingness to meet regularly with the nation's governors. The statement didn't promise any action.

Democratic control of the U.S. House increases the likelihood that the cap could be repealed, Cuomo said.

The limitation on SALT exacerbates the gap, Cuomo said.

Cuomo asked Trump for a revision to the federal tax code, which limits state and local deductions to $10,000 on federal returns. "It's been severe on them", he told a group of journalists last week.

Sen. Chuck Grassley, R-Iowa, chairman of the Senate Finance Committee, shot down Cuomo's plea.

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The cap has become a major issue in the Northeast. Democratic Virginia Gov. Ralph Northam also recently advocated for the policy, drawing a direct mention in Trump's State of the Union.

Cuomo said the cap is prompting wealthy residents to flee NY and contributing to a recent drop of more than $2 billion in tax receipts.

The Republican rollback of the deduction appeared to play a role in the party's midterm election losses. The same holds true for residents in New Jersey and California. Additionally, two lawmakers key to crafting the Republican tax overhaul - former Representatives Erik Paulsen of Minnesota and Peter Roskam of IL - lost their seats after campaigns in which the unpopularity of the new law was a major issue.

But Tuesday's conversation wasn't limited to taxes and tax legislation.

"You keep hearing how upset people are, and how people aren't getting the refunds they expected", said Michael Mundaca, the co-leader of Ernst & Young LLP U.S.'s national tax department. "But I'm not here to legislate religion".

"Now, for the first time ever, half of New Yorkers view Andrew Cuomo unfavorably". "With the administration and this Congress, it's not likely to happen".

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