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Taxpayer Pain Could Get Worse

Chip Somodevilla, Getty Images

Taxpayers have been feeling the pain of annual tax increases from local governments and school districts, but the biggest hit may soon come from the federal government.

Currently, state and local tax liability, including property taxes, can be itemized and deducted from federal taxes.

Washington is currently in budget negotiations and is considering eliminating this policy. If the government took away these deductions, many would not be able to itemize.

Governor Andrew Cuomo agrees and is calling on congress to do away with the proposal which he says would result in nearly $15 billion in additional taxes being paid by New Yorkers.

Increased in the southern tier would be an average of $2,800 and statewide by an average of $4,500 dollars per family.

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