Dems the tax hikes.

Democratic New York lawmakers will throw their support behind Mayor Zohran Mamdani’s push to “tax the rich” in the upcoming state budget — bucking Gov. Kathy Hochul.

Follow live updates on Mayor Zohran Mamdani’s socialist agenda and the latest in NYC politics

State Senate Majority Leader Andrea Stewart-Cousins confirmed Wednesday that tax hikes on the wealthy and big corporations will be included in the upper chamber’s largely symbolic one-house budget resolution next week.

NY Dems are willing to wrangle with Hochul to push up taxes Luiz C. Ribeiro for NY Post

“I think I’ve said repeatedly, that we are certainly trying to meet the moment, and revenue raisers would certainly be part of our package,” she told reporters.

“In general, we have always believed in this progressive tax structure and we have always put forth ways that we can meet the needs of New Yorkers and obviously we are interested in helping New York City.”

The leader’s confirmation came after Politico first reported that both state Senate and Assembly Dems will thwart Hochul – who has repeatedly said she doesn’t support hiking income taxes – by backing Mamdani’s soak the rich push in their respective budget resolutions.

Legislative leaders have used those nonbinding resolutions in the past to signal support for higher taxes on the wealthy, such as last year’s state Senate proposal that called for a statewide hike – broader than Mamdani’s Big Apple-focused pitch.

Still, the prospect of soaking the rich still would have to overcome Hochul’s ardent opposition – although her allies so far have been treading lightly on an issue that has fired up the progressive Democratic base.

State Democratic Party chairman Jay Jacobs, who in the past has opposed broad-based statewide tax increases and is a close ally of Hochul, declined to weigh in on the tax hike fight.

Jacobs declined to weigh in on the tax hike fight. John Roca

“I’m advising people privately,” Jacobs said.

Queens Borough President Donovan Richards, a Hochul ally and Mamdani supporter,, said the pressure on Albany to pass a tax hike on millionaires is more serious this year than in the past.

Beyond Mamdani’s push, there’s a real multi-billion dollar city budget gap must be closed, he said.

“I would rather see the state pick up the tab. If it doesn’t, I’d support a tax increase on millionaires,” he said.

Richards said the pressure on Albany to pass a tax hike on millionaires is more serious this year than in the past. POOL/AFP via Getty Images

Richards also apparently took Mamdani’s much-criticized ultimatum seriously that he’d have to hike property taxes 9.5% if the “tax the rich” plan doesn’t pass. 

“We can’t stomach property tax increases during an affordability crisis,” he said.

Stewart-Cousins sidestepped a question over how she’d overcome Hochul’s opposition in budget talks.

Mamdani has issued an ultimatum to Hochul, saying that he will hike property taxes 9.5 percent if the “tax the rich” plan doesn’t pass. Andrew Schwartz / SplashNews.com

“I think we have always been able to get to a good place,” she said. 

“We will make our case and I’m sure the governor will make her case, as will the mayor and everyone else. That’s what this is about.”

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The proposals that Mamdani’s camp has been pushing to Albany lawmakers were revealed by his Democratic Socialists of America allies in an X post — though it wasn’t immediately clear if they’d be the exact ones included in the one-house budget resolutions.

The slate of hikes include a “Fair Share Act” that would raise personal income taxes on city residents making $1 million or more by 2%, according to the post.

New York Governor Kathy Hochul looks on as she meets with gateway project construction workers at the site of the Gateway Project in New York City, U.S., February 17, 2026. REUTERS

The fat cat tax would raise $3 billion a year in revenue, City Hall officials projected.

Another proposal called to increase the city’s corporate tax from 9% to 10.8% on financial sector firms and 8.85% to 10.62% on non-finance sectors.

Mamdani’s team projected that such a corporate tax increase would raise $1.5 billion a year.

Gov. Kathy Hochul answers questions from reporters after she and Mayor Zohran Mamdani announced the first four NYC communities set to receive free 2-K seats during a press conference Tuesday, March 3, 2026. Luiz C. Ribeiro for NY Post

The final so-called “revenue raiser proposals” pushed by Mamdani would raise New York City’s unincorporated business tax rate to 4.4% for business income more than $5 million, as well as reduce the city’s passthrough entity tax credit to 75%.

Together, the taxes would raise nearly all of what City Hall has estimated to be a $5.4 billion hole in the Big Apple budget, according to the DSA-shared numbers.

A source with knowledge confirmed that Mamdani’s administration recently pitched Albany lawmakers on those high-dollar hikes.

Hochul’s office said her position on income tax hikes hasn’t changed and pointed The Post to an interview with NY1 last month where she doubled down on that point.

“No, I’m very firm in this,” Hochul said at the time, emphasizing she’s worried about people leaving the state due to raising taxes.

“I want to make sure that people are still here and we don’t end up having those taxes pushed down to lower levels of income to make up for loss,” she said.