New York lawmakers are considering higher taxes on millionaires and large corporations as they craft their state budget proposals, according to NY1.
Legislative leaders are reviewing plans backed by New York City Mayor Zohran Mamdani that could raise billions in revenue. Proposals include increasing the city’s corporate tax rates and raising taxes on individuals earning $5 million or more.
Supporters say the changes could help close New York City’s multibillion-dollar budget gap and fund programs like school initiatives and transit. Gov. Kathy Hochul has opposed new taxes, arguing the state can rely on existing revenues.
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