Albany, NY, Dec 06, 2011 — Governor Cuomo and legislative leaders have reached an agreement on tax code changes that includes a slightly lowered rate for the middle class, and higher taxes on millionaires. In Albany, Karen DeWitt has the details:
Governor Cuomo , who for the first 11 months of his term said he did not think extending a temporary tax on millionaires was a good idea, has now changed his mind. He’s persuaded legislative leaders to amend the state’s tax brackets to reap nearly $2 billion more dollars through a new temporary higher tax bracket for New Yorkers who make more than $2 million dollars.
The tax code changes also include tax cuts, on a graduated scale, for middle income earners who make between $40,000 and $300,000 a year. Those making between $300,000 made $2 million dollars will pay the same amount that they did before the current temporary tax surcharge was put in place.
Cuomo and the leaders did not appear in public for the announcement, but touted their achievements via press release, saying it represents the lowest tax rate for the middle class in nearly six decades.
The deal also includes more flood relief, an infrastructure building and jobs program, and a decision to ask legislators to vote to change the state’s constitution to allow more gambling.