Middle Class Tax Cut and Job Creation Law

The Middle Class Tax Cut and Job Creation Law (Ch. 55 and 56 of 2011) will cut taxes for 99 percent of New Yorkers by lowering the income tax rate to the lowest level in 58 years and put in place a much-needed job creation plan.

Creating Jobs
NYS Fairer Tax Code

"Many months ago, we began to urge our colleagues in state government to stop the millionaire tax break set to take effect at the end of the year. We called for the restoration of fairness in our tax code and argued continuously that people who make $50,000 annually should NOT be paying the same tax rate as those who earn one hundred times more.

In May, we introduced legislation to extend for one year, the current tax rate for millionaires filing taxes in New York State. Such an action, we said, would generate billions of dollars in revenue that could be used to create jobs, improve our schools, and provide basic health care services to our uninsured. These desperately needed funds would guarantee that the next state budget would not be balanced on the backs of working families.

Despite powerful and unrelenting opposition to our proposal, we carried our message throughout the state; never losing hope that fairness, equity and common sense would ultimately prevail in these times when working families are struggling to make ends meet.

The bipartisan agreement reached by the Legislature and the Governor is a huge victory for working New Yorkers. It requires millionaires and billionaires to share in the fiscal sacrifice, provides much-needed tax relief to low- and middle-income families, closes the budget gap, honors our commitment to provide a sound basic education to our children and quality care to our infirmed, and gives the state essential funding for infrastructure projects that will create jobs."

Read the Speaker's full statement here.