ALBANY-As an alternative to austerity measures, Governor Andrew Cuomo has unveiled a bipartisan tax code overhaul that aims to close a $3.5 billion budget deficit through reducing taxes for middle-class residents and investing in the state’s infrastructure. The measure, supported by Cuomo, Assembly Speaker Sheldon Silver (D-Manhattan) and Senate Majority Leader Dean Skelos (R-Rockville Centre), proposes a $690 million tax reduction for 4.4 million middle class taxpayers and more than $1 billion in accelerated funds for the state’s roads, bridges, open spaces and energy projects.

Called the “Fair Tax Code Reform,” the new rate structure would be based upon income thresholds ranging from $40,000 to $2 million. Households making under $2 million will see a tax rate reduction between 0.4% and 2.12%, while residents earning more will remain the same.

If passed by the New York State Legislature, the plan would establish the lowest tax rate for middle-class residents in 58 years by allowing the state's current tax surcharge to expire, Cuomo said during a speech late Tuesday. "I believe this will boost our economy and increase consumer confidence in New York," he said.