Rep. Hoyer: A Lot of Taxpayers are Going to Lose Next Year

Rep. Steny Hoyer, D-Md., warned that many Americans will end up paying more in taxes next year as a result of the GOP tax reform law.

His comments came during an interview on CNBC’s "Squawk Box."

Hoyer, the House minority whip, noted capping state and local income tax deductions at $10,000 will create problems for those living in high income states.

"A lot of our taxpayers are going to lose," he said. "They’re going to be paying for more money because their deduction will be decreased.

"Yes, their standard deduction will be increased, but the net, they’ll be paying more. So, a lot of people in our state are going to be paying more taxes.

"This bill is going to create more debt than (Barack) Obama created or previous presidents created. That certainly wasn’t the objective, but that’s going to be the result."

New York, New Jersey and Connecticut are expected to be among the hardest-hit because of the lower federal limit of $10,000 for state and local tax deductions, according to a Moody’s Investors Service report.

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