Statement on personal income tax cuts
To figure out your reduced tax rate as a result of the Middle Class Tax Cut and Job Creation Plan, click here.
State Senator Michael H. Ranzenhofer has issued the following statement:
“Today, for the first time in the three years since being elected to the State Senate, the State Legislature passed a bill which actually cuts taxes – instead of resorting to increasing taxes by billions of dollars as in prior State budgets.
Under this recently passed legislation, every person who pays New York State income taxes will either pay less or the same amount as they pay now, and the overwhelming majority of taxpayers will get a tax break. Over 4.4 million middle-class taxpayers will receive $690 million returned to them in their paychecks, cutting tax rates for the middle-class to their lowest levels in over 50 years. The corporate tax rate for over 5,000 manufacturers in Upstate New York will be cut in half. Most importantly, no taxpayers will see a tax increase.
Taxpayers can declare victories on a number of important actions taken by the State Legislature this year, including eliminating a $10 billion budget deficit without new taxes, cutting spending, capping property taxes and now cutting personal income taxes. While leaders in Washington continue to be plagued by gridlock and dysfunction, New York is moving in the right direction: acting now to cut taxes so that the private sector can create jobs and strengthen our economy. These actions aren’t going unnoticed: The Business Council of New York State, Unshackle Upstate and the National Federation of Independent Business have all put their support behind this tax cut plan.”