ALBANY, N.Y. (NEWS10)- For a third year, the tax rate for middle-class New Yorkers will be cut. The new rates are part of an effort to reduce the tax burden by 20% by 2025.
New effective income tax rates
- $43,000-$161,550- tax rate reduced to 6.09% from 6.85%
- $161,550-$323,200- tax rate reduced to 6.41% from 6.85%
When the tax cuts are completely phased in those earning between $27,900-$161,550 will pay 5.5% and those earning between $161,550-$323,200 will pay 6%.