New York Budget Doesn't Include Much-Feared Tax Hike For Millionaires

New York Governor Kathy Hochul isn’t raising income or corporate taxes this year to fund the state’s $260 billion budget, easing concerns from some business leaders after Zohran Mamdani was elected mayor in a campaign that promised hikes on the city’s richest residents and businesses.

Hochul was able to pitch a new spending plan without increased taxes largely due to a bullish stock market, slower-than-expected impacts from federal tariffs and wage and bonus growth which provided roughly $9.5 billion in extra revenue over two years, according to her budget proposal.