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Posted on 02/11/2026 8:09:09 AM PST by DFG
Mayor Zohran Mamdani told state lawmakers on Wednesday that the only way out of the city’s $12 billion budget gap is to raise taxes on the wealthy.
Hizzoner, during his first Tin Cup Day in Albany, formally called on the state Legislature to raise income taxes on people making more than $1 million by 2%.
“I’m asking for a 2% raise in personal income taxes on the most affluent New Yorkers, someone earning $1 million a year. The top 1% of New York City can afford to contribute $20,000 more in taxes,” the young mayor said.
“That 2% tax alone would resolve nearly half of our budget deficit. I will continue to advocate for these policies not only because they offer the most direct route out of this budget crisis, but because they will also transform what is possible in our state.”
The tax hike would be an addition to his campaign pledge to push the state to increase the corporate tax rate from 7.25% to 11.5%, the mayor said.
Mamdani said he and his team have been able to shrink the gap, but the budget is nowhere near balanced.
The new admin has been able to cut the $12 billion shortfall — $2 billion in this current fiscal year and another $10 billion in next year’s — to $7 billion, according to the mayor, who pointed to an “aggressive” savings.
Mamdani conceded that revenue as well as end-of-year bonuses came in much higher than projected — a point raised by a number of critics accusing the young mayor of exaggerating the deficit.
The Democratic socialist also complained that the city generates more revenue for the state than it receives back in funding.
(Excerpt) Read more at nypost.com ...
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I have read Hochul says no and would veto. She doesn’t want to see a business exodus from the state.
You tax the wealthy people the highest for the same reason you steal from banks, because that is where the money is.
HOW MANY PRO ATHLETIC TEAMS WOULD LEAVE NY?>?
advocating for what is “possible to transform in this state.” We’ve heard this song before. When they tell you what they’re doing, believe them,
Hey Zoran, open a grocery store.
Who will leave NYC just like CA where they’ve done the same thing.
“””Who will leave NYC just like CA where they’ve done the same thing.”””
They will all leave for Florida and then that state will become a liberal schiffhole.
I recommend he ask for a five percent tax hike - just to make sure he doesn’t have to scrimp on passing out all the free stuff.
LOL, they’d figure out how to avoid paying it. It’s all for show.
Atlas Shrugged
"I'd Love To Change The World":
Tax the rich, feed the poor-- 10 Years After, 1971
'Til there are no rich no more
I'd love to change the world...
Let them ride free busses.
2% tax hike on the wealthy so he can give it to his muslim buddies ?
He wants less jobs and more on welfare then.
So it begins!
If the current rate is 10% raising it 2% is a 20% increase. Report it that way.
Well yes, as it should and always has. Why should all of NY suffer because of one cities idiotic election, the entire state budget is not based on the 5 boroughs wants and needs above everyone else.
I read people complaining that CA pays more in federal taxes than they receive back and kind of laugh, I mean if every state received more than they paid in exactly how would that work out?
So how do they carve out AOC, Schumer and Nadler?
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