New York could lose wealthy residents if lawmakers raise taxes too aggressively, Gov. Kathy Hochul warned Wednesday, according to Spectrum News NY1.
Speaking at a Politico forum in Albany, Hochul reacted to a Democratic-led proposal to raise income taxes on people earning $5 million or more and increase corporate taxes on large businesses. She said the state must balance funding social programs while staying competitive with lower-tax states.
Hochul said she doesn’t oppose higher taxes on the rich in theory but wants to protect affordability in the state budget. Meanwhile, Republicans criticized the proposals, while some Democrats and progressive groups argue voters support higher taxes on ultra-wealthy residents.
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