New York tax rates for the middle class could be at their lowest in 70 years, thanks to a recently unveiled tax cut plan proposed by the New York State Senate Republican Majority. In this proposal, around 5 million New Yorkers would begin to see a reduction in taxes as soon as 2018. By 2025, New York’s middle class would see a total reduction of 25% in their state taxes.
Small businesses would also benefit as a result of this senate proposal. Around 770,000 small businesses that currently file under personal income tax would receive the 25% tax cut by 2025. In addition, the proposal would increase the number of businesses which are eligible to file under personal income tax, meaning more small businesses could receive personal income tax breaks.
In addition, this proposal also seeks to completely eliminate the 18-a utility surcharge by the end of this year, and provide tax relief for seniors.
This senate majority proposal tax cut plan comes just weeks after Senator Fred Akshar revealed his proposed Small Business Jobs Revitalization Act. In his proposal, Senator Akshar sought to reduce income taxes for small businesses, as well as repeal the 18-a energy surcharge. Both of these provisions were included in this recent joint senate proposal.
