Top NY Dems to Back Mamdani's 'Tax the Rich' Budget Push

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Democratic lawmakers in New York state are planning to support Mayor Zohran Mamdani's proposal to raise taxes on the wealthy as part of the upcoming state budget. Mamdani's administration recently pitched Albany lawmakers on a series of tax hikes targeting high-income New York City residents, including a 2% increase in personal income taxes on those making $1 million or more annually. While non-binding, the one-house budget resolutions from the state Assembly and Senate Democrats signal their willingness to negotiate with Governor Kathy Hochul, who has opposed raising taxes on the wealthy.

Why it matters

This budget battle highlights the growing divide between progressive and moderate Democrats in New York, with the left wing of the party pushing for higher taxes on the rich to fund social programs, while the governor has resisted such measures. The outcome could have significant implications for the state's fiscal policy and the balance of power within the Democratic party.

The details

Mamdani's administration estimates that the proposed millionaire's tax alone would raise $3 billion in additional revenue. This is part of a broader package of high-dollar tax hikes pitched to state lawmakers. While the one-house budget resolutions are non-binding, they demonstrate that Mamdani has the support of influential state Democrats to challenge Governor Hochul's opposition to raising taxes on the wealthy.

• Mamdani's administration recently pitched the tax hike proposals to Albany lawmakers.

What’s next

The state legislature will need to negotiate the final budget with Governor Hochul, who has opposed tax hikes on the wealthy.