Socialist NYC Mayor Mamdani clashes with Hochul over tax hikes as some critics warn of catastrophe

""This is socialism in action, this is the Democratic Party in action and the rest of the country's watching," he told Fox News Wednesday"

""What we are hoping for, what we will spend every day looking towards, is working with Albany to increase taxes on the wealthiest and the most profitable corporations such that a fiscal crisis is not resolved on the backs of working and middle-class New Yorkers,""

""He doesn't have the option to raise income taxes without approval from the governor," he said. "So, he's going to try and do it in other ways, raising property taxes.""

New York City Mayor Zohran Mamdani is pushing to raise income taxes on the city's wealthiest residents and most profitable corporations, seeking state cooperation to avoid resolving a fiscal crisis on working and middle-class New Yorkers. New York Governor Kathy Hochul opposes the proposal, and state approval is required for income tax changes. Officials warned that, lacking approval, the mayor may pursue increases in property taxes instead, and he threatened nearly a 10% property tax rise if an income tax on the wealthy is not authorized. The 2027 city budget proposal totals $127 billion for 8.4 million residents versus Pennsylvania's $53.2 billion for 13 million.

Read at Fox News