"I think I've said repeatedly that we are certainly trying to meet the moment, and revenue raisers will certainly be part of our package. Once the proposals from the State Senate and Assembly are unveiled, three-way negotiations kick off with the governor's office ahead of the state's April 1 deadline."
"Raising taxes on the richest New Yorkers and the most profitable corporations is the only way to bridge the city's $5.3 billion budget gap. Otherwise, Mamdani said he will have no other choice but to raise property taxes by 9.5% and raid the city's reserves."
"The legislature has put in tax increases every year I've been governor. I know how to negotiate. Hochul's record $260 billion state budget proposal did not include any broad-based income tax raises, despite pressure from New York City Mayor Zohran Mamdani."
New York State Senate Majority Leader Andrea Stewart-Cousins confirmed the Senate budget will include progressive and corporate tax proposals, including a millionaire's tax. The scope may apply statewide or to New York City, with details still being finalized. Governor Hochul has repeatedly opposed broad-based income tax increases, stating the legislature proposes taxes annually. New York City Mayor Zohran Mamdani advocates for taxing wealthy residents and profitable corporations to address the city's $5.3 billion budget gap. Without state-level tax increases, Mamdani warns of raising property taxes by 9.5% and depleting city reserves. Three-way negotiations between the State Senate, Assembly, and governor's office will occur before the April 1 budget deadline.
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