New York

NYC Mayor Urges State Lawmakers to Pass Tax Hikes on the Wealthy, Corporations

Zohran Mamdani says a 2 percent surcharge on millionaires could help close the city’s deficit.
NYC Mayor Urges State Lawmakers to Pass Tax Hikes on the Wealthy, Corporations
New York Mayor Zohran Mamdani speaks after he was ceremonially sworn in as New York City’s 112th mayor at City Hall by Sen. Bernie Sanders (I-Vt.) in New York City on Jan. 1, 2026. Spencer Platt/Getty Images
Kimberly Hayek
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New York City Mayor Zohran Mamdani called on state lawmakers Wednesday to approve a 2 percent personal income tax increase on the city’s wealthiest residents as well as a hike in the corporate tax rate in a bid to close a multibillion-dollar budget gap.

The mayor testified in a New York State Senate 2026 budget hearing about how the city’s projected deficit had decreased from $12 billion to $7 billion.
Kimberly Hayek
Kimberly Hayek
Author
Kimberly Hayek is a reporter for The Epoch Times. She covers California news and has worked as an editor and on scene at the U.S.-Mexico border during the 2018 migrant caravan crisis.