NYC Mayor Mamdani's Latest Pitch to Tax the Rich "Not Happening," Gov. Kathy Hochul Says
The plan would trim a tax break used mostly by filers earning over $1 million and could raise about $1 billion.
- On Tuesday, Mayor Zohran Mamdani and City Council Speaker Julie Menin proposed cutting the Pass-Through Entity Tax credit from 100% to 75% to help address the city's $5.4 billion budget deficit.
- Instituted after the 2017 federal tax law to help business owners bypass deduction limits, the PTET program currently allows full credits; city leaders anticipate the adjustment could generate nearly $1 billion in revenue.
- Governor Kathy Hochul rejected the request on Tuesday, stating, "We're not changing PTET." She argued the state has already provided $4 billion in assistance to the city during this budget cycle.
- Menin and Mamdani announced a delay in the executive budget deadline until May 12, citing ongoing state budget negotiations; the state budget is currently nearly one month late.
- Business groups, including the state Business Council, oppose the plan, citing concerns over tax increases. Mamdani maintains the city cannot close its significant deficit through savings alone, despite criticism from fiscally conservative watchdogs.
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What We Know About New York’s Proposed Tax Increases
City leaders and state lawmakers are pushing Gov. Kathy Hochul to raise taxes on the wealthy, and they have floated several options. Source link : https://www.nytimes.com/2026/05/01/nyregion/new-york-tax-proposals.html Author : Grace Ashford Publish date : 2026-05-01 13:46:00 Copyright for syndicated content belongs to the linked Source.
New 'Tax the rich' proposal for New York
NEW YORK CITY (PIX11) -- A new proposal to "tax the rich" in New York City from Mayor Zohran Mamdani has been met with opposition from Gov. Kathy Hochul, as lawmakers try to negotiate funds from the New York State and New York City budgets. New York City lawmakers want the money made in the [...]
Mamdani Again Asks to Raise Taxes on Rich, Hochul: ‘It’s not happening’
NEW YORK CITY—New York City Mayor Zohran Mamdani is renewing his request to raise taxes on the rich, cutting a tax credit used by business owners to reduce their federal tax burden. The mayor is asking to reduce the pass through entity tax credit, known as PTET. “The PTET is essentially a loophole that allows high-income earners to reduce their federal tax burden. Who benefits? Millionaires and multimillionaires,” Mamdani said at New York City H…
Tax the rich or cut spending? Hochul and Mamdani spar over budgets
New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin proposed reducing the Pass-Through Entity Tax to fill the city's budget gap, but Governor Kathy Hochul rejected the idea and encouraged city officials to rein in their spending.
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