Cuomo, Legislature agree on middle-class tax cuts

Gov. Andrew Cuomo (D-N.Y.) and legislative leaderssay they've reached a "proposed" agreement that will provideincome tax cuts to New Yorkers making $40,000 to $300,000. For a New Yorker making $100,000

News 12 Staff

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Dec 6, 2011, 10:18 PM

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Updated 4,661 days ago

Gov. Andrew Cuomo (D-N.Y.) and legislative leaderssay they've reached a "proposed" agreement that will provideincome tax cuts to New Yorkers making $40,000 to $300,000.

For a New Yorker making $100,000 a year, that could mean about$400 in savings.

Cuomo says 4.4 million middle class taxpayers will see cuts.Much of it amounting to a fraction of 1 percent compared to whatthey would have paid beginning Jan. 1.

The proposal would also raise the rate for New Yorkers makingmore than $2 million a year. It would fund jobs programs andprovide $50 million more to flood victims.

Leaders say Tuesday the agreement cuts or maintains all taxrates compared to the current tax code. A surcharge on those makingover $200,000 will expire as scheduled Dec. 31.