NYS budget: tax cuts estimated to save middle-class New Yorkers more than $1.8 billion

State Legislature

ALBANY, N.Y. (NEWS10)- For a third year, the tax rate for middle-class New Yorkers will be cut. The new rates are part of an effort to reduce the tax burden by 20% by 2025.

New effective income tax rates

  • $43,000-$161,550- tax rate reduced to 6.09% from 6.85%
  • $161,550-$323,200- tax rate reduced to 6.41% from 6.85%

When the tax cuts are completely phased in those earning between $27,900-$161,550 will pay 5.5% and those earning between $161,550-$323,200 will pay 6%.

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