ALBANY — Republican senators Wednesday proposed a series of income tax cuts that would lead to a 25 percent drop in middle-class income tax rates over the next decade.
The plan came as the Republican-led Senate and Democratic-controlled Assembly will soon start budget negotiations in earnest with Gov. Andrew Cuomo in advance of the March 31 deadline to have a spending plan in place. Lawmakers also rallied Wednesday in support of more aid for upstate infrastructure in the budget.
Republicans proposed maintaining a middle-class income tax cut that was implemented in 2011 and lowering the rates gradually to 5.14 percent by 2025. The current rate is 6.65 percent for those earning between about $80,000 and $200,000.
“We feel very strongly that this will provide the significant tax relief that the people of New York state deserve and need,” said Senate Finance Committee chairwoman Cathy Young, R-Olean, Cattaraugus County.
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