US EditionNYC Mayor Mamdani's Latest Pitch to Tax the Rich "Not Happening," Gov. Kathy Hochul Says
The plan would trim a tax break used mostly by filers earning over $1 million and could raise about $1 billion.
- On Tuesday, Mayor Zohran Mamdani and City Council Speaker Julie Menin proposed cutting the Pass-Through Entity Tax credit from 100% to 75% to help address the city's $5.4 billion budget deficit.
- Instituted after the 2017 federal tax law to help business owners bypass deduction limits, the PTET program currently allows full credits; city leaders anticipate the adjustment could generate nearly $1 billion in revenue.
- Governor Kathy Hochul rejected the request on Tuesday, stating, "We're not changing PTET." She argued the state has already provided $4 billion in assistance to the city during this budget cycle.
- Menin and Mamdani announced a delay in the executive budget deadline until May 12, citing ongoing state budget negotiations; the state budget is currently nearly one month late.
- Business groups, including the state Business Council, oppose the plan, citing concerns over tax increases. Mamdani maintains the city cannot close its significant deficit through savings alone, despite criticism from fiscally conservative watchdogs.
11 Articles
11 Articles
Mamdani Again Asks to Raise Taxes on Rich, Hochul: ‘It’s not happening’
NEW YORK CITY—New York City Mayor Zohran Mamdani is renewing his request to raise taxes on the rich, cutting a tax credit used by business owners to reduce their federal tax burden. The mayor is asking to reduce the pass through entity tax credit, known as PTET. “The PTET is essentially a loophole that allows high-income earners to reduce their federal tax burden. Who benefits? Millionaires and multimillionaires,” Mamdani said at New York City H…
Tax the rich or cut spending? Hochul and Mamdani spar over budgets
New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin proposed reducing the Pass-Through Entity Tax to fill the city's budget gap, but Governor Kathy Hochul rejected the idea and encouraged city officials to rein in their spending.
Zohran Mamdani, NYC council boss team up to squeeze more dough out of Albany — putting Hochul on hot seat again
Mayor Zohran Mamdani joined forces with City Council Speaker Julie Menin in an attempt to squeeze more dough out of Albany -- a plea that an increasingly peeved Gov. Kathy Hochul rejected Tuesday.
Hochul Refuses NYC Tax Move in Budget Showdown
Gov. Kathy Hochul on Tuesday shot down a request by Mayor Zohran Mamdani and City Council Speaker Julie Menin to change a tax credit to help fill a $5.4 billion city budget deficit. Mamdani and Menin had asked state lawmakers to authorize changes to the pass-through entity tax, or PTET, which allows some business people to keep state and local tax deductions that were limited by a 2017 federal tax law. The mayor and speaker said the changes woul…
Mamdani and Menin join forces to call for Hochul to send more $$$ to NYC
After clashing over how to fix a multibillion budget deficit, legislation to create protest “buffer zones” and backing different candidates in a Tuesday special election, Mayor Zohran Mamdani and City Council Speaker Julie Menin appear to have found common ground again: They’ve got a plan for how Albany can help close the city’s budget gap. The only problem is the governor is not at all into it. Menin and Mamdani came together for their first jo…
Coverage Details
Bias Distribution
- 38% of the sources lean Left, 37% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
