New York Budget Doesn't Include Much-Feared Tax Hike For Millionaires

New York Governor Kathy Hochul isn’t raising income or corporate taxes this year to fund the state’s $260 billion budget, easing concerns from some business leaders after Zohran Mamdani was...

By Laura Nahmias, Danielle Muoio Dunn, Raga Justin · Bloomberg Markets

New York Governor Kathy Hochul isn’t raising income or corporate taxes this year to fund the state’s $260 billion budget, easing concerns from some business leaders after Zohran Mamdani was elected mayor in a campaign that promised hikes on the city’s richest residents and businesses.