Republican gubernatorial candidate Bruce Blakeman and the statewide GOP ticket blasted New York City Mayor Zohran Mamdani’s push to dramatically increase the inheritance tax that would hit the middle class — and proposed a plan Monday to stop it.
The democratic socialist proposed slashing New York’s estate tax exemption from $7.35 million to $750,000, while tripling the top rate to a 50%, to help plug a projected $5.4 billion city budget deficit.
“Mamdani and [Gov. Kathy] Hochul have launched a direct attack on every middle-class family in New York who wants to pass their home on to their children,” Blakeman said.
Because average home values in New York City now exceed $800,000, Mamdani’s recommended estate tax overhaul would hit middle-class families and small business owners for the first time.
Republicans also denounced what appears to be Mamdani’s nearly-abandoned proposal to boost the property tax rate by 9.5% across the city.
“Mamdani’s death tax, combined with his 10% property tax hike, is a war on the American Dream shared by every black, brown and white family that has worked a lifetime to own a home,” Blakeman said. “When I’m governor, we will stop this disastrous policy, protect your home, and if needed, we will take the fight to the courts and win.”
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.
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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.”
