New York Gov. Kathy Hochul is open to hiking corporate taxes to fund so-called “free” services and a growing budget deficit, Politico reported.
New York charges a 7.25 percent corporate tax, the 17th-highest in the nation according to the Tax Foundation.
I’m fighting to make a more affordable New York.
— Governor Kathy Hochul (@GovKathyHochul) November 14, 2025
Inflation refund checks of up to $400 are being mailed out to over eight million New Yorkers.
Learn more: https://t.co/Au8hw80w2l pic.twitter.com/mSCTB6NMGP
Hochul hasn't pursued raising the personal income tax rate.
The state collected nearly $54 billion in personal income taxes in fiscal year 2023-2024. The state’s largest revenue source supports education, health, and public safety.
State lawmakers must find new revenue to fill a cumulative three-year budget gap of $34.3 billion, according to an August report by State Comptroller Thomas P. DiNapoli.
The deficit is up $7 billion because of increased spending.
"These are going to be difficult times ahead, but New York has gone through difficult times before and, in many cases, has come out stronger," DiNapoli wrote in the report. "With careful consideration, prudent planning, and action, I am confident that we can overcome these challenges, just as we always have."
Enacted 2026 Financial Plan Report by scott.mcclallen
BREAKING: Kathy Hochul now wants to hike taxes — a move she admitted just last year would drive businesses out of New York.
In a desperate bid to appease the radical left, she’s putting politics over the future of this state. pic.twitter.com/DjlQzG0NFy
— Eyal Yakoby (@EYakoby) November 15, 2025
Maybe the dumbest thing you can do amid an affordability crisis is raise a tax (that’s already sky high) that everyone knows is always passed on to consumers. Socialism here we are! https://t.co/5EvP9Vgdz2
— Charles Gasparino (@CGasparino) November 14, 2025
New York Mayor-Elect Zohran Mamdani’s campaign promises that include universal child care, “free” bus services, and government-run grocery stores. It's unclear how he'll pay for these programs.
Soon, we'll oversee a budget of more than $100 billion — and every dollar will reflect our commitment to working New Yorkers and delivering universal childcare. Good thing some little New Yorkers gave me a counting lesson today! pic.twitter.com/jyEpxe9M5J
— Zohran Kwame Mamdani (@ZohranKMamdani) November 13, 2025
For too long, New Yorkers have expected only mediocrity from their leaders. It's time we write a new story.
— Zohran Kwame Mamdani (@ZohranKMamdani) November 14, 2025
On January 1st, we’ll usher in a City Hall that tackles the cost-of-living crisis—and we'll remind our city what excellence in public service looks like. pic.twitter.com/GSYM5esYU9
Mamdani is pushing a $1.1 billion plan to send social workers to violent or unpredictable 911 calls. The pilot program he wants to expand is already FAILING & responded to only a quarter of calls. ⁰⁰Growing this failure is a slap in the face to our law enforcement & a threat to… https://t.co/pJqbtODLk3
— Rep. Claudia Tenney (@RepTenney) November 14, 2025
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