New York City Mayor-elect Zohran Mamdani roared to a special election victory off the back of his lofty promises.
Vows like fare-free public commute options, universal childcare, cheaper groceries, rent freezes, and better living conditions could sound great in a vacuum — and clearly resonated with swathes of deep-blue voters in New York City.
But any time a politician promises big things, there should be a question in the back of everyone’s mind: How do we pay for all this nice-sounding stuff?
Well, it appears New York Democratic Gov. Kathy Hochul has also considered that question.
And her answer to it may not sit well with lots of New Yorkers.
According to a blistering Politico report, Hochul and her advisers have been discussing and mulling over how exactly to help fund Mamdani’s grand plans, and one possibility is raising taxes on higher-income individuals and companies.
While Hochul reportedly opposes raising taxes, she is apparently facing intense pressure from the left to do so to help fund Mamdani’s promises.
Despite that pressure, Team Hochul — publicly, at least — has largely denounced the idea of raising taxes.
“Taxes are a last resort at this moment in time when we’re in a good spot financially and on good fiscal footing,” Budget Director Blake Washington told reporters, per Politico.
Do you think Mamdani’s policies will work in New York City?
He added, “That’s the last thing on my mind.”
That being said, the simple reality of the math means that the Hochul administration has to do something to aid Mamdani.
As Politico points out, just one of his lofty promises — universal free childcare — will cost the city as much as $14 billion.
One solution proffered by Mamdani is to raise corporate taxes from 7.25 percent to 11.25 percent.
However, Mamdani’s proposal would go against something Hochul has vowed to avoid.
Additionally, as the New York Post points out, for Hochul, this is a tough balancing act as she is up for re-election in 2026.
But while Hochul may be trying to juggle her most prominent mayor’s freebie-filled agenda with her own campaign promises, that hasn’t stopped potential electoral opponents from jumping at the mere fact that she’s discussing raising taxes.
Bruce Blakeman, a potential 2026 Republican opponent for Hochul, ripped into the incumbent governor.
“Kathy Hochul’s failed policies have already pushed businesses and residents out of New York for years,” Blakeman said. “With Zohran Mamdani now steering the direction of this one-party controlled state, it’s clear the Governor is prepared to raise taxes even higher — forcing New York businesses to pay far more than competitors in states like Florida, New Jersey, and Texas.”
The New York Post noted that New Jersey actually has the highest corporate taxes in the country of 11.25 percent, and that Mamdani’s proposal would actually mean New York has the highest corporate tax rates due to other taxes that already apply to New York businesses that don’t exist in the Garden State.
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