This historic law will cut the taxes of New York's working families to the lowest levels in 58 years. The law will provide much-needed tax relief to New York's hardworking families, while helping create jobs and close the state's budget deficit.
Lower income taxes for 99 percent of New Yorkers
The new high-income tax bracket for households earning more than $2 million per year will raise nearly $6 billion in revenue over the next three years, which will be used to restore crucial funding for schools and healthcare, create jobs and pay down the budget deficit.
This tax code reform is a simple matter of fairness. Reforming the tax code to support middle-class families is the right thing to do, and is the best way to stimulate consumer spending and jumpstart the economy. This plan will give relief to the struggling middle class and put New York on the path to fiscal stability.
The law is a victory for middle-class and working families. It delivers an unprecedented level of fairness to the tax code and addresses the months of public debate surrounding the millionaire tax.
MTA payroll tax cut
This is a positive step toward a brighter economic future in New York. It will relieve small businesses from this damaging tax and spur hiring so New York families can get back to work. It also renews the Assembly's commitment of working to ensure small businesses have the freedom to innovate and create the good-paying jobs New Yorkers depend on.
To read the details of the law, click here.