NY State Budget Includes Middle Class Income Tax Cut
While there are just some crazy numbers to absorb in the proposed New York state budget, there is a bit of good news for the middle class.
Maybe whenever you hear of any tax anywhere getting raised, like me you are the first in line to complain. So it is nice to see some continued tax relief for the middle class in the latest budget for the state of New York.
According to the Governor's office, income tax for the middle class will again go down in the latest budget. This is a continuation of gradual income tax cuts that first went into motion in 2016. So what kind of relief are we looking at? In 2021 the Governor's report says "...income tax rates have been lowered from 6.09 percent to 5.97 percent for taxpayers filing jointly in the $43,000 - $161,500 income bracket and from 6.41 percent to 6.33 percent in the $161,550 - $323,200 income bracket." So about a tenth of a percent in each bracket. Not exactly a life-changing amount of money, but anything that is a step towards lower taxes, New Yorkers will take it! And according to the report, these tax rates will be the lowest in 70 years for the middle class.
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