(New York, New York) – New York City Mayor Zohran Mamdani said Wednesday he plans to push for higher taxes on wealthy residents and corporations, directly breaking with Gov. Kathy Hochul’s state budget proposal, which pledges not to raise income taxes.
Speaking at an event at the Whitney Museum of American Art, Mamdani said his administration is preparing to argue that New York’s richest taxpayers should contribute more to help stabilize city finances. “It is the time for New York’s most profitable corporations and wealthiest residents to pay their fair share,” he said.
The comments came a day after Hochul unveiled her $260 billion budget. Mamdani argued the city generates more than half of the state’s tax revenue but receives far less in return, adding that any tax hike would require Albany’s approval.
Facing a projected $12.6 billion city budget deficit, Mamdani blamed former Mayor Eric Adams for fiscal mismanagement while praising Hochul’s “fiscal stewardship.” City Comptroller Mark Levine recently reported tax revenues rose 7% last fiscal year, fueling debate over whether higher taxes are necessary.
Hochul has not ruled out future tax increases after November’s elections but has said they remain a last resort.
