New Yorkers’ Personal Income Taxes to Be Reduced in 2018
January 1st will bring some new laws to the state of New York, and one of them could leave you with more money in your paycheck. In 2016, state lawmakers voted to give New York’s middle class a tax break and it finally takes effect at the start of 2018.
The New York Senate website says that 4.4 million New York residents will benefit from the new law, and that it’s the first of many tax cuts giving $4.2 billion back to New Yorkers.
In the beginning you may not notice the change because it’s incremental. Our current tax rate is 6.45% for taxpayers in the $40,000 to $150,000 bracket. That rate will be reduced by .12% every year reports the CPA Journal. Eventually that rate will go down to 5.5% in the year 2025. Nobody wants to pay taxes, and it always feels like we're paying too much in New York state, but heck, it’s better than taxes going up, right?
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