Payne on Tax Law Critics: Not Trump's Fault NY, NJ, CA Have 'Socialist-Like Regimes'
Fox Business anchor Charles Payne reacted to criticisms of the new tax law over its cap on the SALT (State and Local Tax) deduction.
The deduction allows taxpayers in high-tax states to let the federal government relieve them of some of their state tax burden.
Payne and the panel on "Your World" pointed out that 11 of the 12 House Republicans who voted against the tax law were from New York, New Jersey or California, and were concerned for their constituents' projected tax burden.
New York State's Rockland County - spanning from the village of Suffern to the Tappan Zee Bridge - Westchester County and Long Island's Nassau County tie for the highest median tax bills in the nation.
Payne, who said he lives in New Jersey, said he "roared [his] disapproval" at the first draft of the tax bill, but recognized the economic benefits it could cause outside his high-tax state.
"Sure, it's going to hurt me," he said. "[But] overall, for the nation, when you say 143 million people are going to get better or lower taxes [that's an] economic shot in the arm."
Payne's state, which just elected Phil Murphy to replace Republican Chris Christie come 2018, as well as New York and California all have liberal Democratic governors, he said.
"[New York] Governor Cuomo's got a $91 billion single-payer [health care] bill in his back pocket that he'd like to foist on the public in his state," Payne said.
.@cvpayne on NY state threatening a lawsuit over GOP tax cuts: "It's not the federal govt's fault that New York, New Jersey, California have these socialist-like regimes where they have to pay for everything for everyone...they're already digging themselves in an economic hole." pic.twitter.com/t0Ad90IXds
— Fox News (@FoxNews) December 28, 2017
"It's not the federal government's fault that New York, New Jersey and California have these socialist-like regimes where they need to pay for everything to everyone," he said.
Cuomo said earlier Thursday that the new tax law will "pillage" blue states like his own.
He and Murphy said they are considering legal action to challenge the law, according to CNBC.
Watch more above.