Governor Kathy Hochul has dismissed plans from democratic socialist mayoral candidate Zohran Mamdani to increase taxes on certain New Yorkers.
In a recent TV interview, when asked about supporting Mamdani’s proposal for taxing wealthy individuals and corporations, Hochul responded with a definite “No.”
“We haven’t raised taxes when affordability is such a pressing concern,” she told PIX 11.
Mamdani, on the other hand, aims to implement a 2% income tax on residents earning over $1 million annually and elevate corporate taxes from 7.25% to 11.5%, similar to New Jersey’s rates.
“I don’t want to lose any more people to Palm Beach,” she remarked. “We’ve already lost enough.”
Mamdani is in a competitive position within the Democratic primary for mayor, standing alongside former government official Andrew Cuomo. His campaign focuses on issues like rent-controlled housing, free public transportation, and pledges for rent freezes in city-run grocery stores.
Hochul expressed skepticism about Mamdani’s financing plans, suggesting they are overly reliant on taxes.
“We need to be smart about this,” she advised.
Critics among current state legislators from Queens have highlighted the challenges of implementing Mamdani’s proposals.
A recent opinion piece in The New York Times criticized Mamdani’s policies for failing to consider essential trade-offs necessary for effective governance.
“Mamdani, who once hailed de Blasio as the best mayor, promotes an agenda that captivates elite progressives but could harm urban living,” the editorial board stated.
Fellow candidates Cuomo and Whitney Tilson have also spoken out against Mamdani’s financial strategies during discussions and television ads. Last week, Cuomo questioned Tilson about the feasibility of Mamdani’s tax proposal.
“All this needs Albany’s approval, and there’s no appetite for what he’s proposing,” Tilson countered.
“Even if it passes, he seems to think Congress will just allocate all those taxes to New York City. That’s quite unrealistic,” he argued.
Despite the criticisms, Mamdani defended his tax approach afterward, stating, “Both the Congressional and Senate budgets are looking to increase taxes on those who can afford it, improving quality of life for everyone,” he told reporters.
A spokesperson for Mamdani did not provide a response when contacted for comment.
