New Yorkers Could Get a Tax Cut Under Republican Plan
Summary
New York Senate Republicans proposed a set of bills to cut personal and property taxes and limit state spending. The plan aims to reduce costs for families and businesses by phasing in $37 billion in tax relief over ten years. This proposal comes amidst debates over the state budget proposed by Governor Kathy Hochul.Key Facts
- The proposal is called the "Keep What You’ve Earned" plan.
- It includes Senate Bill S9110, which offers $37 billion in personal income tax cuts over ten years.
- The plan would make the first $50,000 for single filers and $100,000 for joint filers state income tax-free by 2035.
- The highest tax rate of 10.9% would be for incomes over $25 million.
- The plan also suggests capping growth in state spending at 2% per year.
- Additional changes would include tax-free overtime pay and cash tips, and lower taxes for small businesses and farms.
- A separate bill would cap state operating fund growth and require a two-thirds majority to increase taxes and fees.
- The package responds to Governor Hochul’s budget proposal and her earlier promise not to raise taxes for new programs.
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