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Taxes

Community Voice

Taxes on the wealthy and corporations

In the 2026 New York state budget fight, the Legislature proposed tax hikes on wealthy residents and corporations to fund expanded social programs and help close New York City’s budget gap, with Mayor Zohran Mamdani pushing a “tax the rich” approach. Governor Kathy Hochul resisted raising taxes on the wealthy even while the final $269 billion budget was negotiated months late amid disagreement over revenue.

Should New York raise taxes on wealthy residents and corporations to fund social programs and city budgets?

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Sources

NY Focus — https://nysfocus.com/2026/03/12/new-york-state-budget-negotiations-2026
The biggest disagreement is on taxes; the legislature is once again proposing hikes on wealthy people and corporations to fund expanded social programs. This year, they have a notable ally in their corner: New York City Mayor Zohran Mamdani, who has aggressively pushed for more state revenue to help close the city’s budget gap. All eyes are on Hochul, who has so far resisted the idea.
NY Focus — https://nysfocus.com/2026/05/29/new-york-final-state-budget-2026-funding-guide-hochul
The big story of this year’s budget was the face-off between Governor Kathy Hochul and New York City Mayor Zohran Mamdani, who made “tax the rich” a rallying cry of his campaign. Even as she stumped for Mamdani last fall, Hochul was adamant that she would not raise taxes on the wealthy.
Spectrum News NY State of Politics — https://spectrumnewsnecn.com/state-of-politics/new-york/state-budget
One of the key issues in the New York state budget is centered on proposed tax hikes in the one-house budgets.
Positions on this issue  ·  liberal → conservative
  1. Strongly support large permanent tax hikes on the wealthy and corporations for expansive social spending
  2. Support targeted tax increases on high earners and corporations to fund programs and close budget gaps
  3. Keep current tax rates; seek revenue mainly through growth and closing loopholes
  4. Oppose new tax hikes on the wealthy and corporations; prioritize holding the line on taxes
  5. Cut taxes on high earners and businesses to retain residents and spur investment