Mamdani Pushes for Tax Hikes on Wealthy New Yorkers Amid Budget Crisis
World
C
CNBC TV18•29-01-2026, 09:01
Mamdani Pushes for Tax Hikes on Wealthy New Yorkers Amid Budget Crisis
- •Mayor Zohran Mamdani urges Governor Kathy Hochul to increase taxes on rich residents and corporations to address New York City's $12.6 billion budget gap.
- •Mamdani attributes the fiscal crisis to his predecessor Eric Adams' mismanagement and former Governor Andrew Cuomo's cost-shifting policies.
- •He is launching a campaign to lobby Albany for more annual aid, highlighting that New York City generates significantly more revenue for the state than it receives.
- •Hochul, facing reelection, has rejected tax hikes, citing pressure from the business community and her gubernatorial opponent.
- •Mamdani proposes raising income tax rates by 2% for those earning over $1 million and corporate tax rates by 4%, and is open to a wealth tax on billionaires.
Why It Matters: Mamdani advocates for tax increases on the wealthy to resolve New York City's budget deficit, facing opposition from Hochul.
✦
More like this
Loading more articles...
