Gov. Andrew Cuomo and legislative leaders say they’ve reached a “proposed” agreement that will provide income tax cuts to New Yorkers making $40,000 to $300,000.
For a New Yorker making $100,000 a year, that could mean about $400 in savings.
Cuomo says 4.4 million middle class taxpayers will see cuts. Much of it amounting to a fraction of 1 percent compared to what they would have paid beginning Jan. 1.
“Our state government has come together in a bipartisan manner to create jobs, grow our economy and, at the same time enact a fair tax plan that cuts taxes for the middle class,” Cuomo said in a statement.
The proposal would also raise the rate for New Yorkers making more than $2 million a year. It would fund jobs programs and provide $50 million more to flood victims.
Leaders say Tuesday the agreement cuts or maintains all tax rates compared to the current tax code. A surcharge on those making over $200,000 will expire as scheduled Dec. 31.
“This comprehensive plan will reduce the tax rate for middle class families to their lowest levels in more than fifty years, create thousands of new private sector jobs, and begin to turn our economy around,” said Senate Majority Leader Dean Skelos.
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