Lowering Middle Class Taxes

Restoring Progressivity To The Tax Code and Cut Taxes On The Middle Class

The active tax policies of the recent years have saddled America and New York with an increasingly regressive tax code that has contributed to a widening gap between the rich and everyone else. It’s time we changed this.

I have proposed reforming the federal tax code by reducing taxes on the middle class and those aspiring to get there. It’s time we gave the middle class a 10% tax cut. It’s time we restored progressivity and fairness. It’s time we created a zero tax bracket for those struggling to make it. And it’s time we gave parents a bigger break as they raise their kids.

Under my plan, 2.7 million New Yorkers – 79% of New York tax filers – will see their taxes reduced by an average of $934. The plan is paid for with a 7% surcharge on incomes over $1 million and a 10% surcharge on incomes over $1 billion.

The plan also fixes the AMT which, has saddled many middle class New Yorkers with a dramatically higher tax bill and creates a new zero tax bracket for those making under $25,000.

All of us – rich and poor alike – need police officers, teachers, nurses and cleaning crews to live and work in our communities. If we continue the way we are going, those workers are going to have no choice but to leave our city to find a more affordable life for their families. We all need to see the value of saving our shrinking middle class.

To read details of my middle class tax cut click here and to find out what it means for your family click here. You can read the press release from the speech I delivered at the Brooklyn Marriott outlining my plan here.