Robert Ansell, Partner, and board member of the Huntington Chamber of Commerce spoke on behalf of the Chamber at a press conference for Suffolk County Executive Steve Bellone during which he outlined his opposition to proposed tax reforms that could affect millions of Long Islanders.
The proposed plan seeks to, among other things, eliminate the following deductions: (i) state income tax, (ii) mortgage interest, and (iii) real property tax. A report issued by the Long Island Association (LIA) showed that homeowners in Suffolk County would face a bill of some $4Billion as a result of the proposed tax hikes. The net effect could be crippling for communities and businesses all across Long Island, reducing disposable income, and limiting potential homeowners from purchasing a home in Suffolk County.
Robert Ansell, is also Co-Chair of the Chamber Government Relations Committee, he commented:
“As everyone is aware, 2/3 of the country’s gross domestic product is consumer spending. The elimination of the mortgage interest, state income tax, and real property tax deductions not only puts a significant damper on incentivizing home ownership, but will also mean that families will have less disposable income to spend in their communities on local businesses.”
The tax and revenue portion of the new federal budget is expected to be presented by the end of April.
If you would like to read the expanded press release, distributed from the County Executive’s Office, click here.
The SilvermanAcampora team is always at the heart of the community. Many of our Partners are active members of important business and community organizations, working hard to affect change and encourage business growth across Long Island.