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New York adjusts tax rate for middle class households making over $43,000

Relief is coming for middle class taxpayers in New York.

At least to some degree. Gov. Andrew Cuomo gave an overview of the reduction that was included in this year’s budget.

It includes a reduction in the income tax percentage from 6.09% to 5.97% for those who make between $43,000 and $161,550. For those who make between $161,550 and $323,200 their tax rate will decrease to 6.33% from 6.41%.

There’s also a Middle Class Property Tax Credit, which will generate upwards of $382 million in savings for homeowners with incomes up to $250,000.

The state is still waiting for the federal government to repeal SALT. “You promised to repeal it,” Cuomo said. “Now is the time to do it.”