Source: Gothamist
“Democratic state lawmakers are formally backing a version of Mayor Zohran Mamdani’s proposal to tax the rich, setting up a budget showdown in Albany with Gov. Kathy Hochul. Leaders of the state Assembly and Senate inserted much of the Democratic mayor’s agenda Tuesday into their official ‘one-house’ counterproposals to Hochul’s state budget plan. That includes a tax hike on people reporting more than $5 million of income as well as an increase in the state’s corporate tax rates from 7.25% to 9%. The two houses, both controlled by Democrats, also included various changes to New York City’s tax code sought by Mamdani, including versions of his proposals to boost New York City’s corporate, business and ‘mansion’ taxes. … The governor, a moderate Democrat, has steadfastly opposed income-tax increases since taking office in 2021 and has centered her re-election campaign on a message of affordability.” (03/12/26)