Schumer Opposes a Tax Overhaul, in Blow to Deficit Deal

The New York Times reports:

Senator Charles E. Schumer of New York, the Senate’s third-ranking Democrat, threw cold water Tuesday on what had been an emerging consensus for a bipartisan deficit- reduction plan — an overhaul of the tax code that lowers top income tax rates but raises more revenue. Mr. Schumer’s position greatly complicates efforts to win bipartisan support for a deal before January, when the “fiscal cliff” of tax increases and automatic spending cuts goes into effect.

How can New York state keep high income people there without loopholes?