Republican gubernatorial candidate Bruce Blakeman unveiled a sweeping tax-cut proposal Tuesday that he says would reduce New Yorkers’ tax burden by $35 billion.
The long-awaited plan would effectively eliminate income taxes for households in 45 of New York’s 62 counties, according to Blakeman.
Blakeman, the Nassau County executive, pledged that if elected in November, he would exempt the first $50,000 of income earned by single filers and the first $100,000 earned by married couples from taxation.
Blakeman said the average income for married couples in 45 of the state’s 62 counties is below $100,000. As a result, many rural communities that feel neglected by Albany could receive a substantial financial boost, he argued.
Under New York’s current tax system, a married couple earning $250,000 annually faces a top marginal rate of 6%, resulting in an income tax bill of $13,000.
A single filer earning $100,000 is also subject to the 6% top rate and pays about $5,000 in income taxes each year.
Under Blakeman’s proposal, the married couple’s annual income tax bill would fall to $6,000, while the single filer’s bill would be cut to $2,000.
Blakeman’s campaign also said the tax rate for taxpayers earning between $100,000 and $500,000 would be reduced to 4%, down from rates ranging between 6% and 6.85%.
New York currently uses a progressive income tax system, meaning tax rates rise with income. Rates range from 4% for lower-income earners to 9.65% for individuals and families making more than $5 million, and 10.9% for those earning above $25 million.
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Blakeman’s office estimates that the proposed tax cuts would cost $35 billion, although the campaign has not explained how the state would make up the lost revenue.
Blakeman is challenging Democratic Gov. Kathy Hochul, who is seeking a second four-year term.
New York has the nation’s highest tax burden per resident when state and local taxes are combined, according to an analysis released last week by the Citizens Budget Commission.
The nonpartisan watchdog also found that New York is the biggest spender among the mainland states, ranking behind only oil-rich Alaska nationwide.
Critics of New York’s heavy taxation and spending have taken to calling it the “Vampire State” rather than the Empire State.
