Governor Cuomo: No Tax on Tips, Tax Cap for NYC, Tax Relief for Low Income New Yorkers & Homeowners
Governor Cuomo Announces Tax Relief Plan to Address Affordability Crisis
Governor Andrew M. Cuomo today unveiled a tax relief plan as part of his platform for Mayor of New York City in 2025. The plan aims to ease the burden on New York City residents while improving the city’s fiscal management. The proposal focuses on targeted tax cuts that will end city tax on tips for service workers, bring relief to homeowners and eliminate city income tax for lower income New Yorkers.
“New Yorkers are facing an unprecedented financial squeeze as rising costs and a shaky economy weigh heavily on families’ pocketbooks,” said Governor Cuomo. “The cost of living in the city has never been higher, the price of eggs and other household staples has skyrocketed and the collective tax burden is further pushing hardworking families to their breaking point. My tax plan will deliver smart, targeted relief to those who need it most, putting money back into the pockets of New Yorkers, helping out service workers who are the backbone of this city’s economy, while reducing taxes on low and middle income families.”
Governor Cuomo's tax plan is part of a broad Affordability Agenda designed to address the rising costs facing New Yorkers. This plan tackles the critical economic challenges New Yorkers face daily.
Key elements of Governor Cuomo’s tax relief plan
- Eliminate New York City Income Tax on Tips: Governor Cuomo supports eliminating the New York City income tax on tips for service industry workers. This proposal would bring relief to workers who rely on tips as a significant part of their income.
- Extend the Statewide 2 Percent Property Tax Cap to 1-3 Family Homes: Governor Cuomo proposes extending the 2 percent property tax cap, which was previously exempted in New York City, to 1-3 family homes. This measure will help homeowners save hundreds of dollars and even thousands of dollars over time, providing crucial relief for middle-class families.
- Eliminate New York City Income Tax for Low-Income Households: Governor Cuomo advocates for the elimination of the NYC income tax for families earning at or below 200 percent of the federal poverty level. This change would offer significant savings for working families, directly benefiting working families through providing significant savings and improving financial stability for low-income New Yorkers.
- Inflation-Adjust the Mansion Tax Threshold: Governor Cuomo calls for increasing the Mansion Tax threshold from $1 million to $2.5 million, adjusting for inflation since its implementation in 1989. This adjustment will ensure that the Mansion Tax reflects the reality of today’s real estate market.
Governor Cuomo’s tax relief plan builds on his successful tenure as Governor of New York, where he implemented groundbreaking fiscal and tax reforms following the 2008 financial crisis and worked to make the state more affordable and accessible for all.
Throughout his career in public service, Governor Cuomo has been a champion for working New Yorkers. He raised wages for millions of workers, passed the strongest gun violence prevention and paid family leave laws in the nation, advanced the most substantial infrastructure program in a generation, including the Second Avenue Subway, the Moynihan Train Hall, the new Kosciuszko Bridge and the new JFK and LaGuardia airports and codified Roe vs. Wade in state law years before the Supreme Court overturned it, all while cutting taxes and reining in spending.
For more details on Governor Cuomo’s Tax Plan, visit AndrewCuomo.com.
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