NY Governor Faces Pressure to Raise Taxes Amid Budget Crunch

New York Gov. Kathy Hochul (D) is facing pressure from progressive groups and lawmakers to raise taxes on the wealthy and find new revenue streams, with the state facing multibillion budget gaps in the years ahead.

The push comes as Hochul prepares to give her State of the State address in early January, outlining her priorities for the new legislative session and upcoming budget negotiations. Invest in Our New York, an advocacy group launched in 2021 to raise taxes on the rich and corporations, is backing bills that would impose an additional tax on investment income and an heir’s tax ...