Mayor Mamdani proposes two percent tax hike for wealthy New Yorkers to close budget gap
Mayor Zohran Mamdani proposed a tax hike on millionaires and corporations today to help bridge the city's budget gap. Governor Hochul remains firmly opposed.
New York City (SY:NYC) Mayor Zohran Mamdani announced a series of tax proposals today aimed at closing a multi-billion-dollar city budget gap. During his testimony at the New York State Senate (SY:NYSS) 2026 budget hearing, Mamdani called for a 2% personal income tax increase on residents earning over $1 million and a hike in the state's corporate tax rate. The announcement, made through the Office of the Mayor (New York City) (SY:OMNYC), comes as the city prepares for its upcoming preliminary budget release.
