Albany Budget Showdown: Tax Hikes on Rich
New York City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
A budget showdown looms in Albany as state lawmakers propose higher taxes on corporations and individuals earning over $5 million, aiming to boost New York Citys coffers and close its $5.4 billion shortfall. Mayor Mamdani supports the plans, but Governor Hochul opposes personal income tax hikes. The proposals, slightly less ambitious than the mayors initial proposal, have gained public support, with 54% of voters statewide and 62% in the city favoring taxes on the rich. The full state budget is due April 1st, but deadlines often slip. Meanwhile, the New York City Council reports a $1.7 billion increase in savings, averting the need for reserve dipping this fiscal year.
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