NY Senate GOP Unveils Plan for $3.5B State Income-Tax Cut
The Republican leaders of the New York state Senate want to cut middle-class income taxes by $3.5 billion as part of a larger tax relief proposal that would also help seniors and small businesses.
The proposal unveiled Wednesday faces challenges in the Assembly, where Democratic leaders support raising taxes on millionaires while giving middle- and lower-class taxpayers more modest relief.
When fully phased in, the Senate plan would reduce income taxes for 5 million middle-class taxpayers by 25 percent. Seniors would receive $275 million in relief and small businesses would get another $494 million in new exemptions.
Senate Leader John Flanagan of Long Island says lower taxes would benefit average New Yorkers and the state’s entire economy.
The proposal now becomes a part of ongoing negotiations over Gov. Andrew Cuomo’s $145 billion budget plan.
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