"The legislature and I agree: we cannot bridge this budget deficit on the backs of working-class New Yorkers. I'm grateful that the Assembly and Senate One-House Budgets recognize the scale of the fiscal crisis facing New York City. The proposals, released late Monday, kick about $5 billion to New York City - enough to close that gap."
"Hochul has said personal income tax hikes are a nonstarter. The budget resolutions kick off the negotiation process that'll play out over the next month between Hochul, Senate Majority Leader Andrea Stewart-Cousins and Assembly speaker Carl Heastie. Legislators proposed raising the tax rate for business and residents with incomes over more than $5 million."
"A recent Siena University poll found that 54% of voters statewide and 62% in New York City supported the push to raise taxes. Independent group have also upped the pressure. Hochul faces more pressure this year to raise taxes on the wealthy, though it's still an uphill climb for state legislators and Mamdani, who has made raising taxes a cornerstone issue."
New York state legislators have proposed budget resolutions that would raise taxes on wealthy individuals and corporations, directing approximately $5 billion to New York City to address Mayor Mamdani's stated $5.4 billion budget gap. The proposals target residents and businesses with incomes exceeding $5 million, representing a scaled-down version of Mamdani's more aggressive proposal for a 2% increase on those earning over $1 million annually. Mayor Mamdani supports the legislative proposals, stating that the budget deficit cannot be addressed by burdening working-class New Yorkers. Governor Hochul has declared personal income tax increases a nonstarter, setting up a negotiation process over the coming month between state leadership and the mayor's office. Public polling shows 54% statewide and 62% of New York City voters support raising taxes on the wealthy.
Read at New York Daily News
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