Last week in Albany, Governor Andrew Cuomo called the Legislature back into Extraordinary Session to deal with the impact on New York of the slow national economy and the political gridlock in Washington.
Working with the legislative leaders he put forth a comprehensive economic plan that includes tax cuts for middle class New Yorkers who earn up to $300,000 a year. The changes will reduce middle class tax rates to the lowest level since 1953.
The plan brings fairness to our tax code and will provide an economic stimulus to our state.
The plan also eliminated the MTA payroll tax for over 700,000 taxpayers who own small businesses or make less than $50,000 a year in self-employed income.
This will save New Yorkers an additional $250 million a year.
Combined, these tax cuts mean $900 million in savings for middle class New Yorkers and small businesses.
Click here to learn more about the innovative economic plan.
By providing tax relief to the middle class and small businesses, we are boosting the economic engine of our state.
The passage of this bipartisan economic plan shows that by working together, we will continue to deliver results for all New Yorkers -- and continue to make the government work for you.