Gov. Andrew Cuomo bristled at the Trump Administration's plan for a $100-billion tax cut, which he charges would chiefly benefit the nation's wealthiest 1%. Gov. Andrew Cuomo bristled at the Trump Administration's plan for a $100-billion tax cut, which he charges would chiefly benefit the nation's wealthiest 1%.

NEW YORK CITY—New York Gov. Andrew Cuomo has vowed to propose legislation to “decouple” state tax policy from the federal tax code if the Trump Administration follows through on a plan to enact a $100-billion capital gains tax cut.

Gov. Cuomo also called on Congress to block the capital gains tax cut proposal that he said would only benefit the nation's wealthiest 1% in violation of the US Constitution. President Trump recently asked the U.S. Department of Treasury to study unilaterally slashing capital gains taxes by adjusting the levy for inflation, which would lead to approximately $100 billion in tax cuts over the next 10 years.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.