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McCAUGHEY: Go bold, Bruce Blakeman, and win New York State

Turn New York from tax hell to tax haven. Think Florida without the palm trees.

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New York State is in an economic death spiral. Companies and taxpayers are fleeing the state, taking their money with them.

Gubernatorial candidate Bruce Blakeman needs to go bold and offer New Yorkers real change.

Roll out a concrete plan to phase out the state income tax. It’s an economy killer. The Albany spendaholics and taxaholics in both parties will claim it can’t be done. But 68% of New Yorkers — regardless of their party affiliation or their age — support zeroing out the income tax, according to a Morning Consult poll done in December 2024.

Forty per cent of Democrats and voters who say they lean Democratic strongly support axing the tax, while only 10% strongly oppose. It’s politically saleable and economically essential.

All governments need tax revenue, but taxing income is far more damaging to the economy than taxing property or sales and most economists agree. State income taxes cause companies to flee to lower-tax or zero-tax states, eroding the tax base and causing brain drain.

In January, the White House Council of Economic Advisers urged states with income taxes to phase them out “through some combination of belt-tightening and finding less damaging forms of tax collection.”

Looking specifically at New York state, the CEA said phasing out the state income tax will do more than save taxpayers the money they otherwise would owe to the government.

The average New York wage-earner would earn as much as $6,757 more........

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