Mamdani Pushes for Tax Hikes on Wealthy New Yorkers Amid Budget Crisis

• Mayor Zohran Mamdani urges Governor Kathy Hochul to increase taxes on rich residents and corporations to address New York City's $12.6 billion budget gap.
• Mamdani attributes the fiscal crisis to his predecessor Eric Adams' mismanagement and former Governor Andrew Cuomo's cost-shifting policies.
• He is launching a campaign to lobby Albany for more annual aid, highlighting that New York City generates significantly more revenue for the state than it receives.
• Hochul, facing reelection, has rejected tax hikes, citing pressure from the business community and her gubernatorial opponent.
• Mamdani proposes raising income tax rates by 2% for those earning over $1 million and corporate tax rates by 4%, and is open to a wealth tax on billionaires.

Why It Matters: Mamdani advocates for tax increases on the wealthy to resolve New York City's budget deficit, facing opposition from Hochul.