Gov. Hochul is reportedly open to raising taxes on corporations in the Empire State to help fund socialist Mayor-elect Zohran Mamdani’s freebie-filled agenda for New York City.
Hochul, who is up for re-election in 2026, is sticking to her vow to not hit high-earners with higher taxes — but has had preliminary conversations about raising revenue by upping the corporate tax rate, according to Politico, which first reported the story.
The hike would help fill the more the $4 billion budget gap facing the state next year and cover some of the costs associated with Mamdani’s socialist dream in the Big Apple once he becomes mayor, according to Bloomberg.
It could mark a notable shift for Hochul, who has repeatedly said that she would not raise taxes when pressed by the far-left faction of the party that helped propel Mamdani into office.
Hochul hasn’t been explicit about whether she was referring to taxes on wealthy individuals or businesses, however, her budget director insisted earlier this week that higher taxes were “the last thing on my mind” and stressed that New York was in a “good spot financially.”
Aside from the budget gap in 2027, New York State also faces numerous cuts in funding from the federal government.
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