If you make between $40,000 and $300,000 a year, you may eventually be noticing a few more dollars in your paycheck.

I know, it's hard to believe. Usually we are hearing about our taxes going up. But today, it was some good news for your wallet: Governor Cuomo has detailed a tax cut plan in his new budget. According to nyup.com, once Cuomo's plan goes into full motion it could save you around $700 a year.

The article says Cuomo's plan breaks down like this:

  • If you make $40,000 - $150,000 your income tax rate would go from 6.85 to 6.45% in the next 'fiscal year,' eventually going down to 5.5%.
  • If you make $150,000 - $300,000 your rate would go from 6.85% to 6.65%, eventually going down to 6.0%.

Who knows at this point if this will get approved. At this point, it all hinges on the budget getting the thumbs up. But it is nice to know you could have a few more dollars in your pocket if this does go through.

Now if we can just get property taxes to go down! Ha!


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