New York already squeezes residents harder than any other state, yet leaders still want more, according to a new report from the Empire Center for Public Policy. The analysis warns proposed hikes backed by Mayor Zohran Mamdani and some lawmakers would deepen economic strain without any crisis to justify them.
The report says New Yorkers pay the nation’s highest state and local tax burden, with the top 1% already covering nearly half of all income taxes. It also links high taxes to a shrinking share of millionaires, billions in lost revenue, and slower population and job growth.
Despite surging revenues since the pandemic, the state and city have ramped up spending instead of cutting taxes, even as Governor Kathy Hochul resists new increases.
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