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New NY tax bill hits millionaires, helps middle

New York's second major income tax increase in two years will charge millionaires more, but give 4.4 million middle-class residents a rare break worth $200 to $400 a year.

By Michael Gormley | Updated on December 08, 2011

ALBANY, N.Y. (AP) — New York’s second major income tax increase in two years will charge millionaires more, but give 4.4 million middle-class residents a rare break worth $200 to $400 a year.

Under the plan backed by Gov. Andrew Cuomo, which the state Senate passed 55-0 Wednesday night and the Assembly approved 130-8 early Thursday, those tax breaks will go to most households with annual earnings of $40,000 to $300,000, or single filers making $20,000 to $150,000 a year.

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