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Lawmakers to vote on NYC millionaire tax
FOX 5 NY's political reporter Morgan McKay explains.
NEW YORK - As budget negotiations intensify, New York Governor Kathy Hochul is standing firm against a key piece of New York City Mayor Zohran Mamdani’s fiscal plan.
What we know:
Hochul said she is not frustrated with the mayor but instead believes she can negotiate a final budget agreement. Mamdani has publicly pressured her to support a tax increase on New York City residents earning at least $1 million a year and has warned he will raise city property taxes if the state does not act.
Why you should care:
Hochul has repeatedly said she opposes raising taxes on millionaires, leaving her at odds with Mamdani as state lawmakers prepare to release their one-house budget proposals next week.
"I’m not frustrated," Hochul said. "I know how to do this. The Legislature, for example, has put in tax increases every year I’ve been governor. I know how to negotiate. We’re going to get to the right resolution, and just be assured that I take nothing personal in this business."
Mamdani threatens 9.5% property tax increase
The backstory:
Mamdani has threatened to raise city property taxes by 9.5% if lawmakers do not approve the income tax increase, arguing those are the only two options to close the city’s budget gap. He has also said the state would be responsible if the city is forced to increase property taxes.
Mamdani unveils budget plan as deficit looms: Will NYC property tax increase?
Mamdani unveiled his first preliminary budget Tuesday afternoon, offering New Yorkers a look at how he intends to close the multibillion-dollar deficit.
Poll finds 54% back NYC millionaire tax
By the numbers:
A Siena College poll released Tuesday found 54% of registered voters statewide support allowing New York City to raise personal income taxes on residents earning at least $1 million annually, while 29% oppose it.
Support is stronger in New York City, where 62% back the idea and 21% oppose it. Among Democrats statewide, 72% support the measure and 13% oppose it.
Support is more divided in the downstate suburbs, 50%-32%, and upstate, 48%-35%. Independents lean against the proposal, 40%-37%, and Republicans oppose it, 51%-36%.
Hochul opposes tax hike amid budget pressure
As budget negotiations intensify ahead of the deadline, neither Hochul nor leaders in either house of the Legislature have publicly backed Mamdani’s request.
Still, the proposal appears to have broad public support.
Overall, voters prefer increasing income taxes on millionaires over raising property taxes on all city property owners.
What's next:
A finalized state budget is due April 1.
The Source: This report is based on information from Gov. Kathy Hochul and FOX 5 NY's Morgan McKay.