Harry Wilson’s Tax Cut Would Save the Average New York Family $3,000 to $5,000 per year
Outsider Harry Wilson made clear early in his campaign that his Turnaround Plan would include the largest tax cut in New York State history. Last week, he announced the specific details: he would reduce property taxes by 20% and income taxes by 20%, making it the largest state tax cut in American history.
“When Lee Zeldin was in Albany he was Andrew Cuomo’s favorite Republican and partnered with Cuomo to raise taxes by nearly $2 billion,” Harry Wilson said. “I’ll do the opposite. I’ll return money back to New York families, cutting taxes dramatically. We will go from being the highest taxed state in the country to becoming competitive again, through my very first budget.”
The property tax savings will be achieved by relieving local governments of state mandates, including Medicaid cost-sharing requirements, in exchange for a dollar-for-dollar reduction in property taxes. In this way, local governments will be financially neutral, but Wilson’s Turnaround Plan will deliver massive property tax savings for every New Yorker.
This tax cut – the largest in the history of any state – will be a total game-changer for New York families. These savings to taxpayers are driven by eliminating wasteful items in New York’s record $220 billion budget. Items such as Hochul’s $8 billion slush fund, the vast majority of the billions in corporate welfare allocated by politicians to favored donors, and the $1.7 billion in lump sum capital appropriations will be eliminated. In addition, as Governor, Wilson will lead a top-to-bottom review of every dollar of state spending and every regulation affecting the day-to-day lives of New Yorkers, just as he has done in company after company, and drive accountability for each of those programs in order to deliver better services at a lower cost, just as the vast majority of states do today. The money saved through this process – which will exceed $25 billion per year – will then be returned to the taxpayers to whom it belongs.
Harry Wilson is an outsider and businessman with experience turning around some of the largest failed organizations in America. The other key pillars of his Turnaround Plan include his Making New York Safe anti-crime plan; his plan to repeal overly burdensome regulations that drive up the cost of food, energy and housing; and a government reform plan to hold politicians accountable, implement term limits for all state elected officials and create an independent ethics watchdog not controlled by the politicians it is supposed to oversee. Through implementing Wilson’s Turnaround Plan, New York will be far more affordable by the end of 2023, far safer, far more prosperous and far more successful than it is today.
“New York is too expensive, causing families and businesses to flee the state,” Wilson continued. “That is a major reason why we have led the nation in outmigration for many years – which is a slow death spiral we must stop. My plan will enable families and business to stay and thrive in New York so we can all rebuild the cradle of opportunity which all of our kids deserve.”