"Mamdani's proposal to hike taxes on New York City's millionaires will be part of one-house budget resolutions from state Assembly and Senate Dems, Politico first reported. Those resolutions are nonbinding, but signal state Democrats' willingness to tangle with Gov. Kathy Hochul - who has repeatedly said she doesn't support hiking taxes on the wealthy."
"A source with knowledge confirmed that Mamdani's administration recently pitched Albany lawmakers on a slew of high-dollar-focused hikes, including a 2% increase in personal income taxes on Big Apple residents making $1 million or more. The millionaire's tax alone would raise a projected $3 billion, according to an X post shared by Mamdani's allies."
Mayor Zohran Mamdani's proposal to raise taxes on New York City's millionaires has gained support from state Assembly and Senate Democrats, who plan to include it in their budget resolutions. The proposal includes a 2% increase in personal income taxes on residents earning $1 million or more, projected to generate $3 billion in revenue. While these resolutions are nonbinding, they demonstrate Democratic lawmakers' readiness to confront Governor Kathy Hochul, who has consistently opposed tax increases on wealthy individuals. Mamdani's administration recently pitched Albany lawmakers on multiple high-dollar tax increases as part of broader fiscal proposals.
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