NY Lawmakers Back Mayor's Rich Tax Plan, Clash with Hochul
New York City News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Democratic lawmakers in New York are backing Mayor Zohran Mamdanis plan to tax the rich, proposing income tax hikes and corporate rate increases to generate billions for the state and city budgets. The proposal includes boosts to business, corporate, and mansion taxes in New York City, as well as rebate checks for utility users and a pilot for fare-free buses. The move is seen as crucial for cities amid uncertain federal funding, but Republicans argue it risks destabilizing finances and wont ease living costs. Negotiations are set to begin after the houses pass their plans this week, with Hochul expecting a deal by April first.
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