new york new york california democratic governors say friday residents would face hefty tax increase would leave state proposal republican tax plan would eliminate state local tax salt deductions federal income tax andrew cuomo new york jerry brown california speak joint conference call day republican-controlled u.s. house representatives pass measure advance president donald trump tax plan republican leaders sketch outline tax measure would eliminate tax break although detail legislation unveil next wednesday salt deduction eliminate tax package would disproportionately hit residents state high income tax many historically democratic governors say attack california new york new jersey state would vote trump brown say gross manipulation tax code salt deduction allow residents subtract income tax pay state local governments total income tax federal government tax elimination would one among series measure offset lose revenues envisage sweep overall cut corporate personal tax analysts say overall tax package would cut tax company individuals trillion next decade many residents high-tax state use deduction would pay governors say new york taxpayers would pay average additional 5,300 federal income tax year without salt deduction cuomo office say separate statement sharp increase tax would likely lead exodus residents start high earners would see great increase cuomo say higher-income people move say republican lawmakers high-tax state vote budget measure thursday express opposition elimination salt deduction republican congressional leaders work allay concern salt repeal would expect deterioration credit quality affect state localities medium term include price pressure house market areas border state low local tax eg southern new jersey barclays analysts write clients thursday however municipal bond issue high tax state localities would likely become even valuable investors could strong demand retail investors bring yield muni-treasury ratios barclays say ny california governors say residents would suffer trump tax cut