Sunday on ABC’s “This Week,” Rep Peter King (R-NY) said he was voting no on the Republican tax bill if the deductions for state and local income taxes were removed.
Partial transcript as follows:
STEPHANOPOULOS: We are back with the GOP’s big push on tax cuts. President Trump and House Republicans launched their bill this week, a 400-page rewrite on the tax code.
Senators on a permanent cut in the corporate tax rate, plus new cuts and credits for individuals and families that will increase the the deficit by at least $1.5 trillion over ten years, and should cut income taxes for most Americans. But the bill eliminates many popular deductions. And five years out, many middle class families will actually see their taxes go up as credits expire.
Most of the benefits go to the wealthiest Americans, but the bill’s supporters argue that economic growth sparked by the tax cuts will be a big boon to every American.
The big question now, can the GOP hang together to pass the bill by Christmas. And we’re joined now by two House Republicans with different views of the plan. House Freedom Caucus Chair Mark Meadows of North Carolina, Congressman Peter King of New York.
And Congressman King, let me begin with you. You have been an outspoken critic of the bill’s doing away with tax deduction for state and local income taxes. Does that mean you are a no vote?
REP. PETER KING, (R) NEW YORK: As of now, I would have to. Let me make it clear, I’m a Ronald Reagan, Jack Kemp Republican when it comes to tax cuts. I believe in tax cuts. I believe they worked under John Kennedy, they worked under Ronald Reagan. But this particular tax 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 only 79 cents on the dollar that’s sent to Washington, $48 billion deficit on money we have as far as money that we send to Washington that we don’t get back.
And since 1913, it’s been a principle not to have a tax on a tax.
And one other policy suggestion here is Republican Party has always stood for federalism, encouraging local and state governments to do all that they can as opposed to the federal government. Well, now we’re being penalized for that.
So, it’s strong. And it would have an extremely damaging effect on my constituents who are middle, in some cases upper middle, but mostly middle income. It’s a district that went for Barack Obama by 4 points and 5 points, Ronald Reagaon — excuse me, Donald Trump carried it by nine. That’s a 14-point turn around. And the main objection I’m getting in my district are from Trump voters.
STEPHANOPOULOS: So, that’s one no vote right there.
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