NY Budget Watchdog Warns Hochul Tax Cut Won’t Help Affordability

A plan from Gov. Kathy Hochul (D) to cut taxes for middle-class New Yorkers is “too broad” to meaningfully improve affordability, the Citizens Budget Commission said in a new report.

Hochul has proposed reducing taxes for taxpayers making up to $323,200 per year for joint filers, by reducing rates across five of the state’s nine brackets by 20 basis points over two years. But the measure would provide a relatively small benefit for each taxpayer, the group said, amounting to $150 for tax year 2025 and $300 starting ...