Cuomo unveils his $152.3B budget plan
Gov. Andrew Cuomo’s $152.3 billion executive budget proposal includes a $1 billion increase in state education aid and the beginning of an income tax cut for middle class New Yorkers, he announced Tuesday night as the deadline for submission of his fiscal plan loomed.
In a briefing with reporters, Cuomo said while his budget proposal includes that middle class tax cut proposal, the state cannot do without a so-called millionaires tax, which expires this year. He proposes extending the tax for another three years.
The tax rate for those earning between $40,000 and $150,000 annually would see a decrease of their tax rate from 6.85 percent to 6.45 percent for the coming fiscal year. When cuts are fully phased in in 2025, the rate would be 5.5 percent.
For earners of $150,000 to $300,000, Cuomo proposes cutting the tax rate from 6.85 percent to 6.65 percent for the coming year. The rate would be 6 percent when cuts are fully phased in in 2025.
Read more: http://blog.timesunion.com/capitol/archives/271295/cuomo-unveils-his-152-3b-budget-plan/