“As of now, I would be” a no vote, King said on ABC’s “This Week.”
“I'm a Ronald Reagan, Jack Kemp Republican when it comes to tax cuts. This bill, by taking away the state and local tax deduction, has a particularly devastating effect on New York and New Jersey. We already get treated unfairly. New York gets back 79 cents on the dollar.”
The state and local tax deduction allows people to deduct the state and local tax they pay from their federal income tax. It’s very popular in states like New York and California, which have high property taxes.
The House GOP tax plan eliminates that tax break, and many critics of the bill say this would cause people to be taxed twice on the same part of their income.
King said he wants the bill to work, but he can’t hang his constituents out to dry.
“You would have my voters, my constituents subsidizing other states in the country. New York does subsidize the rest of the country already. I just want to work this right now. If it's worked out, I support almost everything else in the bill,” he said.
“I think it is going the bring about growth for the country. I just don't want the rest of the country to be growing and more and more people either have to move out of New York or lose their homes.”