Mamdani Again Asks to Raise Taxes on Rich, Hochul: ‘It’s not happening’

New York City’s Executive budget will be delayed until May 12, as city officials ask the state for more help.

New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin speak at New York City Hall on April 28, 2026. Nicholas Zifcak/The Epoch Times

NEW YORK CITY—New York City Mayor Zohran Mamdani is renewing his request to raise taxes on the rich, cutting a tax credit used by business owners to reduce their federal tax burden.

The mayor is asking to reduce the pass through entity tax credit, known as PTET.