Democratic lawmakers will throw their support behind Mayor Zohran Mamdani’s push to “tax the rich” in the upcoming state budget, according to a new report.
Mamdani’s proposal to hike taxes on New York City’s millionaires will be part of one-house budget resolutions from state Assembly and Senate Dems, Politico first reported.
Those resolutions are nonbinding, but signal state Democrats’ willingness to tangle with Gov. Kathy Hochul — who has repeatedly said she doesn’t support hiking taxes on the wealthy.
A source with knowledge confirmed that Mamdani’s administration recently pitched Albany lawmakers on a slew of high-dollar-focused hikes, including a 2% increase in personal income taxes on Big Apple residents making $1 million or more.
The millionaire’s tax alone would raise a projected $3 billion, according to an X post shared by Mamdani’s allies with the city’s Democratic Socialists of America.