New York’s finances are looking better than expected, and raising taxes on the wealthy isn’t on the table, according to Budget Director Blake Washington, Spectrum News reports. Despite a projected $26.8 billion shortfall by 2029, stronger Wall Street revenues have eased immediate concerns.
Progressives and NYC Mayor-elect Zohran Mamdani are pushing for big-ticket items like universal child care and free buses — but Washington said those plans must be phased in, not rushed. He called a tax hike a “last resort” and emphasized that spending must fit the state’s financial plan.
Gov. Kathy Hochul echoed the message, reaffirming her stance against new income taxes as she gears up for a likely 2026 face-off with Rep. Elise Stefanik.
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