Overview
- Testifying at the Legislature’s Tin Cup Day hearing, the mayor said updated revenues, stronger Wall Street bonuses, use of in‑year reserves and targeted savings cut the two‑year gap from about $12 billion to roughly $7 billion.
- He asked lawmakers to authorize a 2% personal income‑tax increase on earners above $1 million and to lift the corporate rate to 11.5%, saying the millionaire tax alone could cover nearly half of the shortfall.
- Lawmakers questioned him for hours, with democratic socialists signaling support and moderates and Republicans warning that higher taxes risk accelerating outmigration and business losses.
- Budget Director Sherif Soliman said agency “chief savings officers” are pursuing efficiencies expected to yield more than $1 billion, with specifics to be outlined in the Feb. 17 preliminary budget.
- New York City cannot change income or corporate tax rates without state approval, and the outcome will be decided in Albany’s budget talks due by April 1 as the city works toward a balanced plan by July 1.