Governor Hochul proposes middle-class tax cut
ALBANY, N.Y. (NEWS10)--- Governor Kathy Hochul recently proposed more than 200 initiatives, among them, a middle-class tax cut.
"Benefitting 8.3 million taxpayers making less than $323,000," announced Hochul in her State of the State Address on Tuesday.
The governor said this proposal will provide the lowest tax rates in 70 years.
"It will save hard working taxpayers $1 billion dollars," said Hochul.
This is something Assembly Minority Leader Will Barclay said on Tuesday Republicans can get behind.
"We’re happy with that," said Barclay. "That’s something we’ve always believed in. I think we are overtaxed and as a result, our cost of living is too high. As a result, people are leaving New York. I’m happy she recognized that and we support that proposal. I haven’t seen those details yet. First time I heard about that, but just on a first blush, I would say that is a good policy."
In his first day of session address, Speaker Carl Heastie spoke about wanting to eliminate the state income tax for low-income households. At a press conference on Tuesday, he was asked how the governor’s tax cut proposal would impact his plan.
"I don’t think it effects it in any way," expressed Heastie. "The governor mentioned she wants to do a large tax cut. We feel like we want to do a tax cut, and at some point, we will sit down and figure out. I don’t think it’s in conflict. I think if we wanted to go further and do low-income, it’s probably a couple of million dollars more. I don’t think it’s a huge issue."
The governor is expected to share funding details for her state of the state proposals on Tuesday.