Republicans Oppose NYC Mayor’s Inheritance Tax Proposal

Republican gubernatorial candidate Bruce Blakeman, along with other state-level candidates, strongly criticized New York City Mayor Zoran Mamdani’s plan to significantly raise the inheritance tax, arguing that it would adversely affect middle-class families. On Monday, they unveiled a strategy to thwart the proposal.

The Democratic Socialists aim to reduce New York City’s estate tax exemption from $7.35 million to $750,000 and increase the top tax rate to 50%, a move they believe will help address a projected $5.4 billion budget deficit.

Blakeman commented, “With Mamdani, [Gov. Kathy] Hochul has directly attacked every middle-class family in New York wanting to pass on their homes to their children.”

The proposal for a new inheritance tax would be particularly impactful for middle-class families and small business owners, especially given that the average home price in New York City now exceeds $800,000.

Republicans also condemned Mamdani’s previously proposed property tax hike of 9.5% across the city.

Blakeman stated, “Mamdani’s death tax, paired with his 10% property tax increase, is an assault on the American dream shared by families of all backgrounds who have worked hard to own their homes. If elected governor, I will terminate this harmful policy, safeguard your homes, and, if necessary, take legal action to win.”

Any modifications to the inheritance tax, often labeled a death tax by critics, would need the approval of Governor Hochul and the state legislature currently controlled by Democrats.

Blakeman proposed a plan that would shield middle-class homeowners, small business operators, and farmers from Mamdani’s inheritance tax initiative. His proposal includes exempting principal residences, small businesses, and family farms from estate tax evaluations in order to help families remain in their homes and align New York City with federal estate tax standards.

Additionally, he is advocating for a voter-supported constitutional amendment aimed at safeguarding private property rights against “Mamdani’s assault on housing” and enhancing the scrutiny of state spending to eliminate waste.

Republican attorney general candidates Saritha Komatireddy and Joseph Hernandez also voiced strong opposition to the proposed inheritance tax hike. They were set to join Blakeman at a City Hall press conference on Monday to outline their objections.

Komatireddy, a former federal prosecutor, remarked, “Every family aspires to the American dream: to work hard, own property, and pass it down. This tax undermines that dream.” She affirmed her commitment to protecting New Yorkers’ property rights if elected Attorney General.

Hernandez added, “New Yorkers aren’t facing a revenue shortfall. Albany, under Kathy Hochul, has a spending issue. This tax increase stems from fiscal irresponsibility and a spending addiction.” He pledged to uncover the inefficiencies that justify this attack on middle-class families and work to protect their homes, savings, and legacies.