"The Assembly and Senate on Monday evening, in their one-house budgets, approved corporate tax hikes that met Mamdani's demands and an income tax hike that, while raising taxes on New York's wealthiest, fell short of what the mayor had hoped for."
"The legislature and I agree: we cannot bridge this budget deficit on the backs of working-class New Yorkers, Mamdani said in a Tuesday news release about the budgets. I'm grateful that the Assembly and Senate One-House Budgets recognize the scale."
"Whether those increases become a reality depends on how budget negotiations with Gov. Kathy Hochul shake out, as she has repeatedly said she would oppose any new tax increases."
On day 69 of his term, Mayor Zohran Mamdani advanced multiple components of his affordability platform. The state Assembly and Senate approved corporate tax increases aligned with his proposals and income tax hikes targeting wealthy New Yorkers, though the latter fell short of his original request. The mayor also announced expansion of 1,000 additional seats in the city's 3-K program. However, Governor Kathy Hochul has repeatedly opposed new tax increases, making final implementation uncertain during budget negotiations. Mamdani expressed frustration that neither proposal addressed extending mayoral control over New York City Public Schools, a priority for his administration.
Read at www.amny.com
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