✰PREMIUMAdams proposes sweeping tax cuts for working-class families

CITYWIDE — Mayor Eric Adams announced his plan to “Axe the Tax for the Working Class,” a proposal to bring New York City Personal Income Tax relief to working-class families. 

“This ambitious plan will put more than $63 million back into the pockets of over 582,000 New Yorkers, and, when combined with the New York City Earned Income Tax Credit, will put more than $400 million back into the pockets of two million working-class New Yorkers,” said Adams. “I did not become mayor just to watch other families struggle the way that mine did, so this money will help more families cover rent, pay for prescriptions and pick up groceries. On issue after issue, New York City is leading the nation, so we’re hopeful more cities across the country will ‘Axe the Tax.’ We look forward to working with Albany over the next few months to pass this landmark proposal and give working-class families the relief they finally deserve.”

“Axe the Tax” proposes to eliminate NYC Personal Income Tax for filers with dependents living at or below 150% of the federal poverty line, or families of four making less than $46,350. It also plans to lower the tax for New Yorkers immediately above that threshold, up to $5,000. 

“Our ‘Axe the Tax’ proposal will give $63 million back to working people and ensure that over 582,000 New Yorkers will benefit from having more money for groceries, child care, health care and the needs of everyday life,” said First Deputy Mayor Maria Torres-Springer. “We want all New Yorkers to know that they can raise their family here in the five boroughs and thrive.”