Governor Andrew Cuomo has begun a count down clock to promote tax code changes approved in December that will lower taxes for the state’s middle class.
Cuomo convinced state lawmakers in early December to approve the tax code changes, which reinstate an income tax surcharge on the wealthiest New Yorkers, those making over $2 million dollars a year. The new laws also lower taxes on the middle and upper middle class, those making from $40,000 to $300,000 a year. People earning from $300,000 up to $2 million dollars will also get a tax break, compared to the previous year, because they will no longer be subject to the tax the rich surcharge.
Governor Cuomo has placed a count down clock on his official website, saying that after midnight January 1st, the state will have some of the lowest income tax rates in 58 years.