by Senator James Seward
The recently adopted 2016-17 state budget included a major new tax cut which will bring middle class income taxes down to the lowest rate since 1948.
By 2025, when the tax cut is fully phased in, average savings will reach $700 per taxpayer per year—including many small businesses filing under the Personal Income Tax (PIT)—for an annual total savings of $4.2 billion.
This tax cut was born out of a plan my senate Republican colleagues and I introduced earlier this year. Continue reading