Governor Kathy Hochul has rejected the proposal of Zohran Mamdani, a Democratic Socialist candidate for New York City mayor, to increase taxes on certain residents. Hochul publicly stated she would not support raising taxes, citing concerns over affordability and residents fleeing the state.

When asked in a TV interview whether she backed Mamdani’s plan to boost taxes on the wealthy and raise the corporate tax to 11.5%, Hochul responded clearly, “No.” She emphasized that now is not the time to increase taxes when economic hardship is a significant issue for many New Yorkers.

3

Mamdani’s plan included a 2% income tax on residents earning over $1 million and raising the corporate tax rate from 7.25% to 11.5%, matching New Jersey. However, Hochul pointed out that such measures require approval from the state legislature in Albany, which she believes is unlikely given current political priorities.

Many critics, including political opponents and editorial boards, have questioned the feasibility of Mamdani’s proposals. The New York Times editorial board criticized his policies for ignoring necessary trade-offs and suggested they might be harmful to city life. During debates, other candidates, such as former Gov. Andrew Cuomo and Whitney Tilson, challenged Mamdani’s financial plans, viewing them as unrealistic.

Despite the opposition, Mamdani defended his approach, emphasizing the need to increase taxes on the wealthy to fund improvements in city life, citing budgets in Albany that show support for such measures.

Ultimately, Hochul’s position underscores the political and practical hurdles Mamdani would face if trying to implement his tax initiatives, which require state legislative approval.