New York State Republican Gubernatorial candidate Lee Zeldin has promised the "largest tax cut" in state history, offering lower taxes to New York residents "across the board."
In a speech on Monday, August 8, Zeldin assured New Yorkers that if he is elected in November, they can expect significantly lower state taxes moving forward.
Details of the statement were shared by Spectrum News 1 out of Syracuse:
"I believe we need to find relief across the board and there are many, many ways to do it," Zeldin said during a stop at a farm in Albany County on Monday when speaking with reporters. "I believe we need to cut income taxes across the board, I believe the estate tax should be eliminated. We need to put together a package that would be the largest tax cut in the history of the state."
It is, however, important to note that Zeldin's camp has not yet officially outlined their plan for tax relief. It is worth noting that New York State Senate Republicans have previously called for a full elimination of the Empire State's gas tax, so this could be part of the package.
Zeldin's apparent commitment to lower taxes for New York families is especially notable now that the Inflation Reduction Act of 2022 has passed in the United States Senate.
The act does not include a provision to expand the $10,000 cap on the state and local tax deduction (SALT), a huge blow to residents of high personal income tax states in the Northeast -- including New York -- and on the West Coast.
According to Spectrum News, Zeldin said that he and his team are "looking at different options" in regard to specific tax rate cuts. He shared that his "goal is [to lower the tax rate] as much as possible."
Current New York Governor Kathy Hochul (D) and the Democrat-led Senate included a faster phase-in of a tax rate cut aimed at middle-class families in this year's budget. It impacted joint filers with income between $27,9000 and $161,550, plus those who earn between $161,551 and $323,200.
The current maximum individual tax rate in New York State is 8.82%.
What do you think about Zeldin's promise to lower tax rates "across the board" for New Yorkers?
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