Blakeman targets Hochul’s $3.8B reserve fund for major New York tax cut plan
ALBANY, NY: In an exclusive report by The Post, Republican gubernatorial candidate Bruce Blakeman has ignited a high-stakes fiscal battle over the future of New York’s massive financial reserves.
The Nassau County Executive and presumptive GOP nominee announced a bold plan to dismantle a $3.8 billion state discretionary fund, which he characterizes as a "secret slush fund" controlled by Governor Kathy Hochul.
Blakeman intends to repurpose these billions to provide immediate and permanent financial relief to a state he claims is being crushed by the highest taxes and utility costs in the nation.
The fund in question, officially known as the "reserve for economic uncertainties," is intended to keep the state afloat during severe economic downturns.
However, Blakeman argues that New Yorkers cannot afford to wait for an emergency when they are already facing a crisis of affordability.
He asserted that the $3.8 billion currently held in this specific reserve should be returned to the taxpayers to lower monthly bills and invest in education, rather than sitting under executive discretion.
Dismantling the executive discretionary reserves
Blakeman’s strategy involves a sharp distinction between the state's various savings accounts.
While he seeks to liquidate the $3.8 billion economic uncertainty fund, he noted that the state maintains a separate $9.2 billion "rainy-day reserve" for true emergencies.
By shutting down what he labels as Hochul's "slush fund," Blakeman promises to redirect that capital directly into the pockets of residents.
"As governor, I’ll shut down Hochul’s slush fund and give your money back to you through a tax cut," Blakeman told reporters, framing the move as a return of public property to its rightful owners.
Historic tax relief in first century
The centerpiece of Blakeman’s campaign is a pledge to deliver "historic" financial relief within his first 100 days in office.
His plan specifically targets middle-and lower-income earners who have struggled with New York’s notorious cost of living.
The proposal includes a mandatory 10% across-the-board income-tax cut for any individual earning under $250,000 annually.
Furthermore, Blakeman aims to eliminate state income tax entirely on the first $50,000 earned by single filers and the first $100,000 for those filing jointly.
This aggressive de-taxation strategy relies heavily on the reallocation of the reserves he currently seeks to tap.
Campaigns clash over fiscal history
The Hochul administration has responded with skepticism, questioning Blakeman's fiscal record rather than the specifics of the reserve fund's usage.
Campaign spokesperson Ryan Radulovacki accused Blakeman of making life more expensive for families in Nassau County by jacking up property taxes and creating budget deficits that required state intervention.
The Governor’s team claimed that Blakeman’s past support for federal tariffs and local tax hikes contradicts his current "affordability" platform.
Despite these attacks, Blakeman continues to center his run on making New York safer and more affordable, using the multi-billion-dollar reserve as a primary wedge issue in the race for the governor's mansion.
