Blakeman Proposes $35 Billion Tax Cut for New Yorkers

Republican gubernatorial candidate Bruce Blakeman announced his ambitious plan on Tuesday to reduce taxes in New York by a staggering $35 billion.

His much-anticipated proposal aims to eliminate income taxes for households in 45 of New York’s 62 counties, according to his statements.

The Nassau County executive committed to abolishing taxes on the first $50,000 of income for single filers and the first $100,000 for married couples if he wins the election in November.

Many of the struggling rural communities, which often feel overlooked by Albany, would benefit significantly, as the average income for married couples in these areas is typically under $100,000, Blakeman noted.

Currently, under New York’s tax system, a married couple with an annual income of $250,000 pays a top marginal rate of 6%, equating to about $13,000 in taxes.

A single filer earning $100,000 faces the same top rate, resulting in a tax bill of around $5,000 each year.

With Blakeman’s proposal, the same married couple would see their tax bill drop to $6,000 annually, while a single filer’s bill would be reduced to $2,000.

Additionally, his team indicated that the tax rate for individuals earning between $100,000 and $500,000 would decrease to 4%, down from the current rates of 6% to 6.85%.

Overall, New York’s existing income tax system is progressive—rates increase as income rises, starting from 4% for low-income earners to 9.65% for those earning over $5 million, and reaching 10.9% for incomes above $25 million.

His office projects that this extensive tax cut would cost $35 billion, though specific funding plans for this initiative remain unclear.

Blakeman is up against Democratic incumbent Gov. Kathy Hochul, who is campaigning for a second four-year term.

According to a recent analysis by the Citizens Budget Commission, when combining all state and local taxes, New York has the highest tax burden per resident in the country.

Additionally, the state is noted for having the largest spending among mainland states, second only to the oil-rich state of Alaska, as per the findings of the non-partisan watchdog group.

Some critics of New York’s high taxes and spending refer to it as the “Vampire State,” in stark contrast to its nickname, the Empire State.