SYRACUSE, N.Y. -- The New York State Senate Republicans proposed Wednesday an income tax cut that would eventually save five million middle-income taxpayers $3.5 billion in taxes a year.
The proposal carves out what tax relief the Senate majority wants in the 2016-17 state budget, but it's a one-house bill that would have to win support from Assembly Democrats, and they proposed a different plan last month which included a tax cut for the middle class and a tax hike for millionaires.
Leaders of the two houses of the Legislature are required to pass a budget before the end of the month, but there will be a lot of negotiating with Gov. Andrew Cuomo before then.
Senate Republicans said their plan will provide billions of dollars in tax relief to the middle class, seniors, and small businesses. It would creates a new 25 percent rate reduction for middle class taxpayers, new tax savings to prevent seniors from leaving New York, and significant tax cuts for small businesses, farms, and other job creators, they said.
"For far too long, too many hardworking New Yorkers have had to struggle to make ends meet as a result of taxes that simply put, are far too high," said Sen. Patty Ritchie, R-Oswegatchie. "While we have made progress in putting a stop to endless tax increases, it's still not enough."
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on March 09, 2016 at 6:31 PM, updated March 09, 2016 at 6:33 PM