Hochul's tax cut plan: What it means for New Yorkers
NEW YORK (PIX11) – Gov. Kathy Hochul on Tuesday announced a plan to cut taxes for more than 8.3 million taxpayers in New York.
The proposal was announced as part of her 2025 State of the State address.
"The tax cut I propose today and will fight for in the coming months will deliver the lowest tax rates in seven decades and save hardworking taxpayers $1 billion,” Hochul said.
The plan would cut tax rates across five of the state's nine tax brackets. It would provide savings to taxpayers earning up to $323,000 for joint filers.
The tax cut would deliver hundreds of dollars in average savings to nearly 77% of filers after it’s fully phased in, according to Hochul.
If passed into law, the tax cut would take effect in the current tax year. It would be reflected in the rates that taxpayers pay out of each paycheck, according to Hochul.
"By itself, it’s a monumental win for New Yorkers in the battle for affordability,” Hochul said.
Finn Hoogensen is a digital journalist who has covered local news for more than six years. He has been with PIX11 News since 2022. See more of his work here.