NYC Mayor wants to eliminate local personal income tax for more than half a million city residents

STATEN ISLAND, N.Y. — On Wednesday, Mayor Eric Adams unveiled a plan to reduce and abolish local personal income taxes for low-income citizens of the city.

According to Adams, the idea will benefit approximately 582,000 New Yorkers, putting an estimated $63 million back into their pockets overall. However, state approval is required first.

Many working-class families are leaving cities like New York due to the exorbitant costs, and after allowing these issues to fester for too long and under too many administrations, our administration decided that enough was enough. We are introducing Axe the Tax for the Working Class today, a bold plan to decrease taxes for even more people living in our city and to remove income taxes for hundreds of thousands of working-class New Yorkers and their families in the five boroughs.

Adams stated that he will be advocating for the municipal tax exemption for families with dependents who are within 150% of the federal poverty line during the state budget deliberations next year.

That would be equivalent to $36,824 in annual income for a home with two adults and two dependents, or $46,350 for a household with two adults and two dependents.

According to the mayor, the plan would provide $282 in annual tax relief for single-adult families and $521 for two-adult families. More than 429,000 New Yorkers, including tax filers and their dependents, would be eligible for that benefit.

Additionally, local personal income taxes would be phased out over an indefinite period of time for families earning less than $5,000 below that 150% federal poverty line measure.

Adams declared that during this year’s budget talks, Assemblywoman Rodneyse Bichotte Hermelyn (D-Brooklyn) and State Senator Leroy Comrie (D-Queens) will be bringing legislation to carry out the proposal.

New York City’s working-class families constitute its lifeblood, yet far too many of them continue to struggle, according to Comrie. This ambitious plan would return tens of millions of dollars to New Yorkers and help make our city more affordable for families at a time when they need additional assistance with rent, childcare, groceries, and other expenses.

Governor Kathy Hochul, one of Albany’s most powerful decision-makers, has already endorsed the plan.

Governor Hochul has been steadfast in his efforts to put more money back into the pockets of New Yorkers, from cutting child care costs to speeding up property tax refunds, according to governor spokesperson Kristin Devoe. The Governor praises Mayor Adams for keeping affordability a top priority and would support initiatives to reduce the City’s personal income tax rate.

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