Overview
- Senate Majority Leader Andrea Stewart-Cousins’ office says the chamber’s one-house budget will include a version of a millionaire’s tax and broader corporate tax increases.
- Details on whether the tax changes would be statewide or New York City–specific are still being worked out, with a possible combination under discussion.
- Gov. Kathy Hochul reiterates her opposition to raising income taxes on high earners as three-way negotiations head toward the April 1 budget deadline.
- Mamdani argues higher taxes on the richest residents and corporations are needed to close a roughly $5.3 billion city budget gap or else he will turn to a 9.5% property-tax increase and reserve draws.
- A Siena College poll shows 54% of voters statewide support allowing New York City to raise income taxes on residents earning at least $1 million, with stronger backing in the city and among Democrats.