Candidate Proposed $35 Billion Income Tax Cut

New York filers may see tax savings under a newly proposed plan aimed at reducing state income taxes.

Updated on Oct. 7, 2026 in Taxes

Isometric editorial illustration of a simplified neoclassical capitol building, symbolizing structural changes to the New York state budget. — Candidate Bruce Blakeman has proposed a $35 billion state income tax reduction plan in New York, targeting middle-income household relief through significant structural budget adjustments. AI Illustration. Upload story photo >

Live Poll

Do you support reducing state income taxes if it requires cuts to public services?

Candidate Bruce Blakeman has unveiled a $35 billion income-tax reduction proposal that would change state tax brackets for single and joint filers. The plan aims to lower tax burdens through exemptions and rate changes for middle-income households.

Why it matters

This proposal attempts to address affordability concerns for New York households by shifting state budget priorities. Blakeman has suggested the plan would be financed through reductions in spending on Medicaid and migrant assistance programs.

The proposal offers a tax exemption on the first $50,000 for single filers and $100,000 for joint filers. Additionally, it sets a 4% tax rate for earnings between $100,000 and $500,000, with some households earning up to $250,000 projected to save $7,000 annually.

The players

Bruce Blakeman

A political candidate who proposed a $35 billion income-tax reduction plan for New York residents.

Mike LiPetri

An associate who appeared alongside the candidate during his campaign event.

Pam Michos

An associate who appeared alongside the candidate during his campaign event.

Rob Speranza

An associate who appeared alongside the candidate during his campaign event.

The details

The plan restructures New York state income taxes by exempting a significant portion of annual earnings from taxation. For those earning between $100,000 and $500,000, the rate would be set at 4%. Blakeman claims this revenue gap would be closed through a combination of economic growth and specific cuts to Medicaid and migrant aid expenditures.

September 28, 2026: Bruce Blakeman appeared at North Shore Towers.
September 30, 2026: The tax-reduction plan was formally unveiled in Rosedale.

Money Landscape

This proposal marks a departure from the current New York State Personal Income Tax code by introducing new brackets and exemptions for residents. It sits within a broader debate over how to balance state fiscal policy against household cost-of-living pressures.

Households should monitor how potential changes to tax brackets might alter their annual withholding and take-home pay. Review your recent tax filings with a qualified tax professional to understand how your current income level would interact with the proposed thresholds.

The takeaway

The proposed tax plan highlights a shift in fiscal strategy centered on broad income tax relief for middle-income residents. If you are tracking state tax changes, keep a record of your current taxable income to compare against any future legislative adjustments.