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yesterday

Hochul Resists Broad Tax Hikes, Urges Wealthy Ex-New Yorkers to Return as Albany Budget Fight Intensifies

Hochul says tax competition paired with remote work eroded New York’s high‑earner base.

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An image collage containing 2 images, Image 1 shows New York Gov. Kathy Hochul speaking at a press conference with "Combating Climate Change Creating Good Jobs" on the podium, Image 2 shows Six of the most radical leftist mayors in the United States – including NYC's own Zohran Mamdani – are forming a transnational super group critics fear will turn The Melting Pot into a hammer and sickle
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Overview

  • At a Politico forum, the governor said she needs high‑net‑worth residents to support social programs and suggested outreach in Palm Beach because “our tax base has been eroded.”
  • She argued remote work ended Manhattan’s “captive” workforce and warned Wall Street firms are evaluating Texas primarily for lower tax rates.
  • Hochul continues to oppose broad new state income‑tax hikes as Albany negotiates the budget, while Mayor Zohran Mamdani and legislative Democrats push increases on top earners and corporations.
  • Republican gubernatorial candidate Bruce Blakeman and right‑leaning outlets mocked the remarks, casting them as pleading with ex‑residents to return and pay higher taxes.
  • The governor’s budget office says a roughly 25% jump in Wall Street bonuses helped plug a near‑term gap, though reports also spotlight New York’s residency audits and 183‑day rules to protect revenues.