Cuomo Seeks To Cut Small Business Taxes, Raise State Minimum Wage

Date: January 22, 2015

Cuomo Plan Would Make New York’s Minimum Wage Highest In Nation

Calling
small business “an engine of opportunity,” New York Gov. Andrew Cuomo (D) has
called for reducing the tax rate for small business from 6.5 percent to 2.5
percent over three years. The 4 percentage point cut, when fully phased in,
would result in the lowest rate paid by small business since the tax began in
1917.

Cuomo also wants to increase New York’s minimum wage to $10.50 an hour by the
end of next year. He would also increase the minimum wage rate to $11.50 an
hour for workers in New York City. If the wage hikes are approved, New York
would have the highest state minimum wage in the nation.

What This Means for Small Business:

Fully phased in, the small business
rate cut would save 42,000 businesses $32 million a year. It’s not clear yet
how much of that gain would be forfeited through the higher minimum wage.

Additional Reading:

The AP, the Syracuse (NY) Post-Standard, and Long Island (NY) Press all report on Cuomo’s proposals.

This news article is intended to keep small business owners apprised of current events that may affect them. It does not necessarily reflect NFIB’s policy position on such issues.

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