State lawmakers set to vote on tax code overhaul

State lawmakers are expected to vote today on Gov. Andrew Cuomo's (D-N.Y.) historic tax reform plan that would create new tax cuts for the middle class while making the wealthy pay more.

As part of Cuomo's tax reform, the average family could save up to $400 a year. Families earning under $150,000 would pay a state income tax at 6.45 percent. Couples that make $150,000-$300,000 a year would be taxed at the rate of 6.65 percent, while those earning $300,000-$2 million would pay 6.85 percent.

The wealthiest of New Yorkers who bring home more than $2 million a year would have to pay taxes at the rate of 8.82 percent.

Cuomo claims that his sliding scale will end what he called an unfair tax system, where someone making $20,000 a year pays the same marginal tax rate as someone earning $20 million.

If the tax code reform is passed, the cash-strapped state would net nearly $2 billion in extra revenue.

The plan also includes $250 million in cuts to the Metropolitan Transportation Authority payroll tax to help small businesses, and a constitutional amendment that would start a two-year process to legalize casino gambling.

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