"It is time to tax the rich. It is the working class fleeing the city at an alarming rate. We are asking the State to entrust our City with the authority to govern in the interest of working people."
"Currently, New York City cannot change its own income tax rates without approval from Albany. The council members say that needs to change, arguing the city should have autonomy to address its fiscal crisis through progressive taxation measures."
"Mayor Zohran Mamdani has outlined two options for closing the city's budget gap: raise income taxes on the wealthy or impose a 9.5% across-the-board property tax increase. Governor Hochul has drawn a firm line, saying she won't raise income taxes."
New York City faces a $5.4 billion budget gap, prompting 22 City Council members to call for state legislation granting NYC authority to impose a 2% income tax increase on residents earning more than $1 million annually. Currently, New York City cannot modify its own income tax rates without Albany approval. The council members argue this autonomy is necessary to support working families and counter concerns about wealthy resident exodus. Mayor Zohran Mamdani presented two options: raising taxes on the wealthy or implementing a 9.5% property tax increase. Governor Hochul opposes income tax increases despite offering $1.5 billion in additional state aid. Over 1,500 advocates marched to the state Capitol to pressure state leadership into action.
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