What We Know About New York’s Proposed Tax Increases
The New York Times • • nation
Key Points:
- New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin have agreed to extend the deadline for the mayor to introduce an executive budget while urging Governor Kathy Hochul to provide additional state funding to address the city's fiscal challenges.
- They proposed a change to the Pass Through Entity Tax, which they claim could generate up to $1 billion annually in tax revenue for the city.
- Mayor Mamdani emphasized the necessity of state intervention, stating that the city's financial crisis cannot be resolved without support from the state government.
- Governor Hochul rejected the request for more funds, highlighting existing state allocations for child care, cash assistance, and a new tax on second homes in New York City.
- The state budget is nearly a month overdue, and the delay is impacting the entire state; the city officials hope that postponing the budget release to May 12 will help secure more state funding.
