Monday: State's New Tax Rates Take EffectThe state's overhaul of income tax brackets - which went into effect with the new year - will provide most middle class taxpayers with a modest tax break. Will it feel like you're saving? Yes. Will it feel like you're saving a lot? Probably not. The Cuomo administration estimates many New Yorkers will save $300 - $400 a year. $400 divided into 26 weeks (a bi-weekly paycheck), you're looking at just under $16 a check. "It's not gonna take you on a summer vacation," said certified public accountant (CPA) Steve Robinson of Potsdam. "But you might be able to take the family to a theme park, for a day." The bigger news for the economy is what a little bit of savings in everyone's pocket can do. "It may seem like a small amount every time you get your paycheck, but when you multiply your savings by 20 million people," said Potsdam CPA Larry Reese, "The impact on the economy as a whole is going to be quite significant." And experts say the biggest advantage of the cut, no matter how small, is the fact that it is a tax cut and not an increase, a relatively rare occurance in New York. (Get the Cuomo administration's official details of the tax break, including the cuts for each tax bracket, here.)
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Monday, May 21, 2012
, Watertown, NY
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