Kathy Hochul says tax hikes harm New York, but – Latest News
Gov. Kathy Hochul final week proudly pooh-poohed Mayor Zohran Mamdani’s “tax the rich” campaign — apparently betting that no one will recall the hikes she’s signed on to earlier than, nor those she’ll probably help if she will be able to simply win one more election.
New York “should not be raising taxes on high-net-worth individuals” or “raising taxes on the companies that are creating the jobs and generating the revenue that helps us pay for the services” residents depend on, the gov preened on “Good Day New York.”
Huh? She’s hiked one tax or one other yearly she’s been within the Governor’s Mansion.
She first proposed after which imposed the new pied-à-terre tax to help Mamdani tax the wealthy, and it’s already having the very sinking financial affect she claims to concern.
The finances she just lately pushed via hiked taxes on companies by decoupling the state code from how federal law treats R&D prices.
In her 5 years as governor, she has twice prolonged the company franchise tax on corporations incomes more than $5 million.
More From Post Editorial Board
In 2023, Hochul raised the MTA payroll mobility tax on companies.
In 2024, she carried out the much-hated congestion-pricing tolls that tax autos getting into Manhattan south of Central Park, a bane on companies within the zone.
And of course as No. 2 to then-Gov. Andrew Cuomo, she was a loyal supporter of his 2021 income-tax hike — New York’s largest in 60 years — which completely elevated the 8.82% bracket to 9.65%, and imposed charges of 10.3% on filers incomes more than $5 million and 10.9% on taxpayers incomes over $25 million.
Then again, Cuomo had additionally claimed to suppose New Yorkers had been already over-taxed earlier than he made issues even worse.
Meanwhile, state spending has soared on Hochul’s watch, leaving ginormous finances gaps beginning subsequent 12 months that the Legislature will certainly wish to close by way of tax hikes.
And the gov received’t need to raise any more marketing campaign funds ever after this November, so why would she resist?
Kathy Hochul clearly is aware of how badly high taxes harm New York, but it hasn’t stopped her earlier than and it received’t stop her ever again.
