LOWEST TAX RATE IN 58 YEARS
FOR MIDDLE CLASS NEW YORKERS
Effective January 1st, middle class families and small businesses will now save nearly $1 billion in taxes.
4.4 million middle class New Yorkers will now…
- pay the lowest tax rate in 58 years with the restructured tax code.
- save an average of $300 to $400 a year on their income tax.
- save a total of $690 million next year on taxes.
Over 700,000 taxpayers who own small businesses and or make less than $50,000 in self-employed income will now…
- save $250 million with the reduction of the MTA payroll tax.
|Income Level||Previous Tax Rate||New Tax Rate|
|$40,000 to $150,000||6.85%||6.45%|
|$150,000 to $300,000||6.85%||6.65%|
|$300,000 to $2 million||7.85% - 8.97%||6.85%|
|Over $2 million||8.97%||8.82%|
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the tax code will effect New Yorkers.