ALBANY, N.Y. (NEXSTAR) — There were proposed personal income tax changes in the legislative budget proposals. On Thursday, with both houses in session, assemblymembers, in particular, were in debate about raising personal income taxes.
Senate and Assembly release their budget proposals
The Assembly proposed a 1% tax cut for New Yorkers with under 323,200 a year in income. For example, a $65,000 a year income would save $650 a year ($54.17 a month) in taxes.
“We’re already looking at huge cuts to SNAP and to Medicaid that are coming through the federal cuts that happened over the summer. So this tax cut, while giving some moderate relief to households, will also have huge ramifications for what public programs the state can provide,” warned Dr. Emily Eisner, acting executive director and chief economist at the Fiscal Policy Institute.
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Both the Senate and Assembly proposed tax increases on ultra-income New Yorkers. The Senate’s proposal would raise a $5 million annual income’s taxes by $25,000 a year.
In the Assembly’s proposal, the same $5 million income would produce $10,000 more in taxes.
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Lawmakers who were against this tax hike believed wealthy New Yorkers would move away from the state and key industries would suffer…