Republican candidate for governor Bruce Blakeman, alongside the statewide GOP ticket, strongly criticized New York City Mayor Zohran Mamdani’s initiative to significantly raise the inheritance tax, which they argue would adversely affect the middle class. In response, they unveiled a counterproposal on Monday to thwart this plan.
The democratic socialist Mamdani has suggested reducing New York’s estate tax exemption from its current $7.35 million to $750,000, in addition to tripling the highest tax rate to 50%. This move aims to address the city’s anticipated budget shortfall of $5.4 billion.
Blakeman stated, “Mamdani and [Governor Kathy] Hochul are directly targeting every middle-class household in New York that hopes to pass down their homes to future generations.”
Given that the average home prices in New York City now surpass $800,000, Mamdani’s proposed changes to the estate tax would impact middle-class families and small business owners for the first time.
The Republicans also criticized Mamdani’s apparent, though not fully enacted, plan to raise the city’s property tax rate by 9.5%.
Blakeman added, “Mamdani’s inheritance tax, along with his proposed 10% increase in property taxes, constitutes an assault on the American Dream cherished by families of all backgrounds who have dedicated their lives to home ownership. As governor, I will put a stop to this damaging policy, safeguard your homes, and if necessary, we will challenge it in court and prevail.”
Any increase in the estate tax — which critics call the death tax — would require approval from Hochul and the Democratic-run state Legislature.
Blakeman proposed a package that would exempt middle class homeowners, small business owners and farm operators from the Mamdani estate tax plan.
The Blakeman plan would exempt primary residences, small businesses, and family-owned farms from estate tax calculations to keep families in their homes and align New York with federal estate tax policy.
Follow live updates on Mayor Zohran Mamdani’s socialist agenda and the latest in NYC politics
He also calls for a voter-backed state constitutional amendment protecting private property rights from “Mamdani’s attacks to seize control of homes” and better state auditing of state spending to root out waste.
Saritha Komatireddy and Joseph Hernandez — the Republican candidates for attorney general and comptroller respectively — also slammed the recommended estate tax hikes. They were set to join Blakeman at a City Hall press conference Monday to discuss their opposition.
“Every family hopes to achieve the American Dream: to work hard, own something of their own, and pass it on to their children. This tax punishes that dream,” Komatireddy, a former federal prosecutor, said.
“As attorney general, I will stand up for New York’s families and will do everything in my power to defend the property rights of New Yorkers.”
Hernandez added: “New Yorkers don’t have a revenue problem—they have a spending problem in Albany under Kathy Hochul. This tax hike is being driven by reckless fiscal mismanagement and an addiction to spending.
“As comptroller, I will expose the waste being used to justify this raid on middle-class families and fight to protect New Yorkers’ homes, savings, and legacy.”
