Assemblymember Mike Miller announced that the assembly has passed “historic legislation” that will help working families in New York by cutting taxes and creating jobs.
Miller said the agreement ensures millionaires and billionaires pay their fair share, something the assembly majority has fought for.
“Working with the governor, we have progressively reformed the tax system so that we have the revenue to allow us to continue delivering crucial services in education and health care,” Miller said.
The bill includes a tax cut for the middle class that will benefit approximately 4.4 million taxpayers, who make up more than 99 percent of those filing statewide, Miller said. The middle-class tax cut will be paid for by creating a new tax bracket for high-income earners making over $2 million per year — less than one percent of all taxpayers. A commission will also be established to review and make suggestions for improving the state’s tax system.
The assembly also passed legislation permanently eliminating the MTA payroll taxes for qualifying small businesses with annual payrolls of $1.25 million or less per year and for those who are self-employed and earn less than $50,000 per year. Other small businesses will see a significant decrease in their MTA payroll taxes as well.
In addition, the legislation exempts schools, both public and private, from having to pay the tax and also aims to strengthen the housing market by earmarking $1 million for the Foreclosure Prevention Services Program.