Albany, NY, Dec 30, 2011 — Governor Andrew Cuomo has begun a countdown clock to promote his new tax code changes. Cuomo convinced state lawmakers in early December to approve the changes.
They reinstate an income tax surcharge on the wealthiest New Yorkers, those making over $2 million dollars a year. The new laws also lower taxes on those making from $40,000 to $300,000 a year.
People earning from $300,000 up to $2 million dollars will also get a tax break, compared to the previous year, because they will no longer be subject to the tax the rich surcharge.
Governor Cuomo has placed a count down clock on his official website, saying that after midnight January 1st, the state will have some of the lowest income tax rates in 58 years.