NY Lawmakers and Unions Push Tax Hikes on Corporations, Wealthy

A new coalition of Democrats and major unions is calling on New York Gov. Kathy Hochul (D) to raise taxes on large corporations and high earners, setting up one of the biggest fights in state budget negotiations that will run until the April 1 deadline.

The group, called Share Our Wealth, is pushing for a 0.5% tax hike on individuals earning more than $5 million. The move would raise the tax rate on income between $5 million and $25 million to 10.8%, from 10.3%, and increase the rate on earnings above $25 million to 11.4%, from 10.9%.

The organization is ...