Assemblymember Pamela J. Hunter (D-Syracuse) announced reforms to the tax code, which she has been a supporter of, are included in the Assembly’s budget (E.1047).

“For too long, our tax system has helped the rich get richer with massive tax breaks,” said Assemblymember Hunter. “Our Assembly budget recognizes this problem and addresses it by making much-needed changes that will increase revenues, allowing us to invest in a better education for our children, fix our crumbling roads, bridges and water systems, and create jobs in areas such as Central New York that are in need of economic development.”

The reforms in the Assembly budget include:

• applying the current top personal income tax rate to all New Yorkers earning $1 million or more;
• increasing the rates for those earning above $5 million and $10 million;
• providing middle-class tax relief to over 5 million taxpayers, and;
• expanding the Earned Income Tax Credit (EITC) over two years, benefiting more than 1.6 million working families.

The expansion of the “Millionaire’s Tax” would generate an additional $2 billion in tax revenue annually.