New York Budget Doesn't Include Much-Feared Tax Hike For Millionaires
Bloomberg • • nation
Key Points:
- New York Governor Kathy Hochul announced no increases in income or corporate taxes for the state's $260 billion budget this year.
- This decision alleviates concerns among business leaders following Mayor Zohran Mamdani's election, who campaigned on raising taxes for the city's wealthiest residents and businesses.
- Hochul attributed the ability to avoid tax hikes to strong stock market performance, less severe effects from federal tariffs, and wage and bonus growth.
- These factors collectively generated approximately $9.5 billion in additional revenue over two years, supporting the new spending plan.
