New York Democratic lawmakers are seeking to raise income taxes on filers earning at least $5 million, putting increased pressure on Gov. Kathy Hochul (D) to find new revenue sources as she continues to publicly oppose tax hikes.
They also want to increase rates for larger corporations, and levy higher “mansion tax” rates on real estate sold or transferred in New York City.
The majorities in the state Senate and Assembly released their one-house budget resolutions late Monday evening with the tax proposals, which go further than what Hochul proposed in her budget plan. While state lawmakers have pushed ...