Support for tax relief aimed at low-income families in NYC is growing stronger.
Mayor Eric Adams is proposing a tax relief initiative aimed at benefiting over 500,000 families in New York, with the governor backing this initiative.
Adams is calling the initiative “Axe the Tax for the Working Class.”
This concept could lead to significant savings for low-income families in New York City, potentially amounting to hundreds or even over a thousand dollars annually, based on their income levels.
Nonetheless, the financial burden on certain taxpayers will be significant, and it won’t provide assistance to all.
Adams is proposing a reduction or complete removal of the Personal Income Tax in New York City for approximately 582,000 families with children. The annual expense for the city would amount to $63 million.
“We can’t bring down the cost of bread, but we can give you some bread to pay for the bills and necessities that you have,” Adams said.
The mayor’s office announced plans to assist lower-income residents in New York, specifying that a family of two adults and two children earning under $46,000 annually would be eligible for support. According to recent calculations, the family could potentially save up to $1,600 in taxes.
Approval from Albany will be necessary for this tax proposal, probably in the upcoming spring budget cycle. Late Wednesday, a spokesperson for Gov. Kathy Hochul expressed her backing.
Kristin Devoe, the spokesperson, stated:
“From lowering the cost of child care to accelerating property tax rebates, Governor Hochul has been laser-focused on putting more money back in New Yorkers’ pockets. The Governor would be supportive of efforts to lower the City’s personal income tax rate, and commends Mayor Adams for continuing to focus on affordability.”
