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With budgets under strain, states are split on taxing the rich
Mayor Mamdani cites a $5.4 billion budget gap and urges state approval for a wealth tax to avoid raising property taxes that disproportionately affect communities of color.
- Today, Mayor Zohran Kwame Mamdani warned he may raise property taxes unless Hochul approves a wealthy tax hike, as he released the preliminary budget.
- Facing a $5.4 billion shortfall, Mamdani said the two-year projected budget gap stands at roughly $12 billion, comparing it to `the Great Recession`.
- Changing the property tax rate is rarely used, and Levine warned it `would be no one's preferred option`, as it hits homeowners and communities of color hardest.
- Hochul said negotiations with the City Council and the mayor's budget team will decide the outcome and noted the city budget isn't due until July 1.
- Hochul pledged an extra $1.5 billion one day earlier, still requiring legislative approval, ahead of Mamdani's budget briefing that noted a $5.4 billion gap, down from roughly $12 billion.
14 Articles
14 Articles
By Gordon Ebanks, CNN. As state legislatures across the country meet to finalize their budgets for next year, the effects of Trump's sweeping domestic policy bill and an uncertain economic future are prompting states to take a hard look at their finances. Fourteen states face budget deficits for the next fiscal year that threaten funding for schools, roads, and services. While many states are implementing budget cuts to avoid raising taxes, lawm…
With budgets under strain, states are split on taxing the rich
As state legislatures around the country meet to solidify their budgets for the year ahead, the effects of the One Big Beautiful Bill Act and an uncertain economic future are pushing states to take a hard look at their finances.
Mamdani Calls for Property Tax Increase, Pressures Hochul to Raise Levies on the Wealthy
Mamdani Calls for Property Tax Increase, Pressures Hochul to Raise Levies on the Wealthy By: Rufus McGee As New York City stares into the maw of a yawning fiscal deficit, Mayor Zohran Mamdani is preparing to unveil a preliminary budget that, by all accounts, will test the political tensile strength of the city’s relationship with Albany and the patience of homeowners already straining under the weight of inflation and rising living costs. Accord…
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