{"id":35175,"date":"2024-12-05T15:48:38","date_gmt":"2024-12-05T15:48:38","guid":{"rendered":"https:\/\/www.vosa.tv\/eng\/?p=35175"},"modified":"2024-12-05T15:48:38","modified_gmt":"2024-12-05T15:48:38","slug":"mayor-adams-unveils-axe-the-tax-for-the-working-class-bold-proposal-to-eliminate-new-york-city-income-taxes-for-working-class-families","status":"publish","type":"post","link":"https:\/\/www.vosa.tv\/eng\/archives\/35175","title":{"rendered":"Mayor Adams unveils “Axe the Tax for the Working Class,” bold proposal to eliminate New York city income taxes for working-class families"},"content":{"rendered":"

NEWYORK: New York City Mayor Eric Adams announced \u201cAxe the Tax for the Working Class,\u201d an ambitious proposal to bring significant tax relief to working-class families and return over $63 million to more than 582,000 New Yorkers.<\/strong><\/p>\n

The plan would eliminate the New York City Personal Income Tax for filers with dependents living at or below 150 percent of the federal poverty line, as well as lower city personal income taxes for filers immediately above that threshold too.<\/p>\n

Mayor Adams will advocate for the proposal as part of the Fiscal Year 2026 (FY26) New York state budget with the support of New York State Senator Leroy Comrie and New York State Assemblymember Rodneyse Bichotte Hermelyn, who will introduce it during the upcoming legislative session.<\/p>\n

If passed into law, Axe the Tax for the Working Class could bring relief to working-class families as soon as tax year 2025<\/p>\n

Axe the Tax for the Working Class builds on the Adams administrations\u2019 continued efforts to help put money back into the pockets of working-class New Yorkers. In 2022, Mayor Adams successfully pushed Albany to expand the New York City Earned Income Tax Credit (NYC EITC) for the first time in nearly two decades, delivering more than $345 million in tax relief to New Yorkers over the 2023 tax season.<\/p>\n

When combined, both Axe the Tax for the Working Class and the new, enhanced NYC EITC would put more than a collective $408 million back into the pockets of 2 million New Yorkers and effectively eliminate New York City income taxes for a family of four making less than $46,350.<\/p>\n

\u201cExtreme costs are driving many working-class families out of cities like New York, and while, for too many decades, across too many administrations, we let these problems languish, our administration said enough is enough. Today, we are unveiling \u2018Axe the Tax for the Working Class,\u2019 a bold proposal to eliminate New York City income taxes for hundreds of thousands of working-class New Yorkers and their families here in the five boroughs and lower taxes for even more of our city\u2019s residents,\u201d said\u00a0Mayor Adams.<\/p>\n

\u201cThis ambitious plan will put more than $63 million back into the pockets of over 582,000 New Yorkers, and, when combined with the New York City Earned Income Tax Credit, will put more than $400 million back into the pockets of 2 million working-class New Yorkers. I did not become mayor just to watch other families struggle the way that mine did, so this money will help more families cover rent, pay for prescriptions, and pick up groceries. On issue after issue, New York City is leading the nation, so we\u2019re hopeful more cities across the country will \u2018Axe the Tax.\u2019 I want to thank Senator Comrie and Assemblymember Bichotte Hermelyn for agreeing to introduce this legislation, as well as HTC and 32BJ for their support. We look forward to working with Albany over the next few months to pass this landmark proposal and give working-class families the relief they finally deserve.\u201d<\/p>\n

\u201cFrom day one of our administration, Mayor Adams tasked me with supporting the families and working-class New Yorkers who keep our city running. That\u2019s why we are turning New York into a \u2018City of Yes\u2019 with the most pro-housing zoning changes in our city\u2019s history, increasing opportunities for good-paying jobs, and putting money back into working-people\u2019s pockets,\u201d said\u00a0First Deputy Mayor Maria Torres-Springer.<\/p>\n

\u201cOur \u2018Axe the Tax\u2019 proposal will give $63 million back to working people and ensure that over 582,000 New Yorkers will benefit from having more money for groceries, child care, health care, and the needs of everyday life. We want all New Yorkers to know that they can raise their family here in the five boroughs and thrive.\u201d<\/p>\n

\u201cWorking-class families are the beating heart of New York City, but too many of them are still struggling to get by. At a time when families need extra help with rent, child care, groceries, and more, this bold proposal will give tens of millions of dollars back to New Yorkers and help make our city more affordable for families,\u201d said\u00a0New York State Senator Comrie.<\/p>\n

\u201cI commend Mayor Adams and his administration for the work they\u2019ve already done to put money back in people\u2019s pockets and help more people start and raise a family here in the five boroughs. I look forward to working with my partners in Albany to deliver this crucial relief for our city.\u201d<\/p>\n

\u201cDespite the extraordinary progress we have made in creating a safer, more affordable city for New Yorkers, we know that there is even more we can do to support our working-class families. Mayor Adams\u2019 \u2018Axe the Tax\u2019 proposal \u2014 along with a historic expansion of the New York City Earned Income Tax Credit he advocated for\u2014 will give hundreds of millions of dollars back to New Yorkers and help even more families get ahead in our city,\u201d said\u00a0New York\u00a0State\u00a0Assemblymember Bichotte Hermelyn.<\/p>\n

\u201cI applaud the mayor and his team for putting forward this ambitious idea, and I look forward to making this proposal law in the upcoming legislative year.\u201d<\/p>\n

Axe the Tax for the Working Class would eliminate New York City Personal Income Taxes for filers with dependents \u2014 largely families with children \u2014 living at or below 150 percent of the federal poverty line. Additionally, the proposal would gradually phase out the city personal income tax for filers immediately above \u2014 within $5,000 \u2014 of 150 percent of the federal poverty line.<\/p>\n

By eliminating the New York City Personal Income Tax for working-class families, the proposal would return nearly $46 million to over 429,000 New Yorkers, including both tax filers and their dependents. Additionally, by lowering taxes for people immediately above 150 percent of the federal poverty line, the proposal would return another $17 million to over 152,500 New Yorkers, putting more than a collective $63 million back into the pockets of working-class people. The proposal alone will deliver an average benefit of approximately $350 per household.<\/p>\n

Axe the Tax for the Working Class builds on the Adams administration\u2019s work helping to put money back into people\u2019s pockets. The Adams administration has already saved New Yorkers more than $30 billion\u00a0by connecting people to city, state, and federal programs, including a historic expansion of the NYC EITC, which delivered an average benefit of approximately $450 per household.<\/p>\n

If passed into law, the Axe the Tax for the Working Class proposal and the NYC EITC would work together to deliver an average benefit of around $800 per household and effectively eliminate New York City income taxes for a family of four making less than $46,350.<\/p>\n

Additionally, since the start of the Adams administration, the New York City Department of Consumer and Worker Protection\u2019s (DCWP) \u201cNYC Free Tax Prep\u201d program has helped New Yorkers save nearly $57 million\u202fin tax preparation fees by helping filers file approximately 257,000\u202ftax returns for free. And this past tax season, more than 140 in-person sites provided free tax preparation services across the five boroughs.<\/p>\n

NYC Free Tax Prep providers also offered drop-off services and virtual tax preparation services. Further, last fall, DCWP launched NYC Free Tax Prep for self-employed filers, offering specialized services tailored to gig workers, freelancers, and small business owners who often face barriers to filing taxes and managing financial recordkeeping.<\/p>\n","protected":false},"excerpt":{"rendered":"

NEWYORK: New York City Mayor Eric Adams announced \u201cAxe the Tax for the Working Class,\u201d an ambitious proposal to bring significant tax relief to working-class families and return over $63 million to more than 582,000 New Yorkers. The plan would eliminate the New York City Personal Income Tax for filers with dependents living at or […]<\/p>\n","protected":false},"author":5,"featured_media":35176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1469,31,1378],"tags":[],"class_list":["post-35175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-news","category-us"],"_links":{"self":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/35175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/comments?post=35175"}],"version-history":[{"count":1,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/35175\/revisions"}],"predecessor-version":[{"id":35177,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/35175\/revisions\/35177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media\/35176"}],"wp:attachment":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media?parent=35175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/categories?post=35175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/tags?post=35175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}