Thursday, April 18, 2024 | St. Lawrence County, NY
Assemblywoman Addie J. Russell is supporting modest income tax break that would benefit St. Lawrence County residents earning between $40,000 and $150,000 per year and hike rates for millionaires. …
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Assemblywoman Addie J. Russell is supporting modest income tax break that would benefit St. Lawrence County residents earning between $40,000 and $150,000 per year and hike rates for millionaires.
Assemblywoman Addie J. Russell, D-Theresa, is sponsoring legislation that would provide small tax cuts for families in St. Lawrence County.
It would also expand the eligibility criteria for the Earned Income Tax Credit (EITC) so more people will qualify for additional tax savings.
The proposal would reduce taxes for anyone earning $150,000 or less and expand earned income tax eligibility. The proposal would increase taxes on higher earners.
Currently individuals earning between $20,550 and $77,149 per year pay a marginal tax of 6.45 percent.
Individuals earning $77,150 to $205,849 pay 6.65 percent.
Under this proposal anyone earning between $40,000-$150,000 would pay 6.25 percent.
For someone earning $40,000 per year, this would equate to a savings of about $80 per year.
For someone earning $150,000 per year, this would equate to a savings of about $600 per year.
Conversely individuals earning between $150,001 and $308,750 would a tax hike from 6.65 percent to 6.85 percent.
Those earning between $308,750 and $1 million would see no increase, but anyone earning $1 million or more would pay substantially higher taxes.
“North Country families continue to face challenges in these tough economic times,” Russell said. “This legislation will ensure that we continue to provide tax relief to struggling New Yorkers, meanwhile making sure that our high-earners pay their fair share.”
The legislation would also expand eligibility of the Earned Income Tax Credit from the current 30 to 35 percent of the poverty level.
The current poverty level for an individual is $11,880 and $24,300 for a family of four. For a wider range of the poverty level based on family size visit https://www.healthcare.gov/glossary/federal-poverty-level-FPL/
More than 96 percent of the households in St. Lawrence County earn under $150,000 per year, according to U.S. Census data.
“These reforms will help stabilize our middle-class and strengthen our local economy. While these measures are a good start, we must continue to provide tax relief that will strengthen our middle-class families,” Russell said.
