Republican gubernatorial candidate Bruce Blakeman unveiled his plan Tuesday to cut taxes for New Yorkers by a whopping $35 billion.
Blakeman’s long-awaited proposal would effectively wipe out income taxes for households in 45 of New York’s 62 counties, he said.
The Nassau County executive vowed that if elected in November, he’d eliminate taxes on the first $50,000 of income for single filers and on the first $100,000 for married couples.
The average income for married couples in 45 of New York’s 62 counties is under $100,000, meaning many of the disaffected rural communities that feel especially abandoned by Albany would see a massive lift, Blakeman said.
Under New York’s current tax structure, a married couple earning $250,000 a year pays 6% in their top marginal rate or $13,000.
A single filer making $100,000 pays the same top rate, and around $5,000 a year.
Under Blakeman’s proposal, that same family would see their income tax bill reduced to $6,000 a year, and the single filer’s would be halved to $2,000.
Blakeman’s team also said the tax rate for those making between $100,000 and $500,000 would be lowered to 4% from between 6% to 6.85%.
Overall, New York’s current income tax structure is progressive, meaning rates increase as a taxpayer’s income rises — from a low of 4% for low income earners to 9.65% for individuals and families with incomes exceeding $5 million, to 10.9% for individuals and families making more than $25 million.
His office estimates that the massive tax cut would cost $35 billion, though it’s not clear how he plans to pay for it.
Blakeman is facing off against Democratic incumbent Gov. Kathy Hochul, who is seeking re-election to a second four-year term.
When combining all state and local taxes, New York ranks No. 1 in tax burden per resident in the nation, according to the analysis issued by the Citizens Budget Commission released last week.
New York is also the biggest spender among mainland states, second only to oil-rich Alaska, the non-partisan watchdog group found.
Critics of New York’s high taxing and spending refer to it as the “Vampire State” instead of the Empire State.
