ALBANY, NEW YORK: New York City Mayor Zohran Mamdani is standing firm in his push to raise taxes on wealthy residents, arguing that the city’s soaring cost of living leaves him little choice.
Speaking to state lawmakers, Mamdani said the “why” behind his proposed tax hike is simple: New York is already the most expensive city in the country.
The mayor’s comments came as he sought approval from Albany to increase income taxes by 2% on residents earning more than $1 million a year.
Feb 11 (Reuters) – New York City Mayor Zohran Mamdani on Wednesday has called for a two percent tax increase for New Yorkers making over a million dollars a year, along with a hike in the state’s corporate tax rate, proposals he originally championed during his campaign.
During testimony before the New York State Senate’s 2026 budget hearing, Mamdani, a Democrat, said the city’s budget gap has decreased from $12 billion to $7 billion by “assuming an aggressive posture on savings without compromising city services, incorporating updated revenue and bonus estimates, and using in-year reserves.”
Despite a narrowing of the budget shortfall, Mamdani said, New York is “placed on a ledge.”
https://www.yahoo.com/news/articles/mamdani-calls-2-tax-hike-204023824.html