Governor Cuomo unveils plan to cut taxes. Will you pay less?
Tue, 06 Dec 2011 23:20:16 GMT —
Governor Andrew Cuomo says lawmakers have come to a deal on a reformed tax code which would cut taxes for millions of New Yorkers.
It's estimated 4.4 million taxpayers will get a tax break, someone making $100,000 a year could pay $400 less.
Cuomo says the agreement is a short term solution to the state's long-term budget problem.
"I propose a tax cut aimed at the middle class New Yorkers that I believe will help stimulate the economy by putting much needed money back in the hands of millions of people across this state," said Cuomo.
The overhaul creates more income brackets which Cuomo says will make it more equitable.
Even the state's millionaires will be paying less than they did, when the so-called millionaires tax, was in place. That surcharge is set to expire December 31st.
"Under this plan, middle class families will pay the lowest tax rate since before I was born and that was a long, long time ago. It will be the lowest tax rate in 58 years. Furthermore, for New Yorkers making under 2 million dollars, we will be reducing taxes to the lowest level in 3 years by allowing our current tax surcharge to expire," said Cuomo.
Overall, officials say the new tax structure will generate $1.9 billion, which will be targeted for infrastructure improvements and putting people back to work.
Lawmakers are expected to pass the proposal, which will be in effect for the next 3 years. Republican Senator Jon DeFrancisco also tells us he is in favor of the plan.
To see the whole proposal laid out today by the Governor, click here. What do you think of this plan?