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Hochul Holds Line on Tax Hikes as Albany Readies Proposals After Poll Backs NYC Millionaire Tax

The city needs state approval to tax millionaires, a step Mayor Zohran Mamdani frames as preferable to a citywide property-tax increase.

Overview

  • Fifty-four percent of voters statewide—and 62% in New York City—support allowing the city to raise income taxes on residents earning over $1 million, according to a Siena poll of 805 registered voters conducted Feb. 23–26 (±4.5%).
  • State Senate and Assembly leaders signaled they will include revenue raisers aligned with Mamdani’s request in next week’s one-house budget plans, increasing pressure in ongoing talks.
  • Gov. Kathy Hochul reiterated opposition to new personal income-tax hikes but said negotiations with City Hall and lawmakers continue, noting prior state aid to the city and cooperation on programs.
  • Mamdani seeks a 2-percentage-point increase on top earners and higher corporate rates to help close a roughly $5.4 billion gap, warning of a potential 9.5% property-tax increase if Albany rejects new authority.
  • Hochul leads Republican Bruce Blakeman 51% to 31% in the Siena survey, with her margin narrowing since January as 61% of voters say they don’t know or have no opinion of Blakeman.