{"id":160930,"date":"2026-03-11T23:45:12","date_gmt":"2026-03-11T23:45:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/160930\/"},"modified":"2026-03-11T23:45:12","modified_gmt":"2026-03-11T23:45:12","slug":"hochul-says-new-taxes-could-drive-wealthy-out-of-n-y-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/160930\/","title":{"rendered":"Hochul says new taxes could drive wealthy out of N.Y."},"content":{"rendered":"

A day after the state Legislature called for higher taxes on the wealthy<\/a>, Gov. Kathy Hochul said she\u2019s worried that the move could drive the highest earners out of the state.<\/p>\n

What You Need To Know<\/p>\n

A day after the state Legislature called for higher taxes on the wealthy, Gov. Kathy Hochul said she’s worried that move could drive the highest earners out of the state
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But Hochul said she’s not against the theoretical idea of raising taxes on the rich
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It comes after the Democratic-led state legislature revealed it’s in favor of raising personal income taxes for those making $5 million or more, the corporate tax rate on big business and a slew of other revenue raisers<\/p>\n

\u201cWhat I want to make sure, we are smart about is having a system in place where it\u2019s not just taxing for the sake of taxing,\u201d Hochul said, making the case to keep wealthy earners in the Empire State, during a forum hosted by Politico in Albany Wednesday. \u201cI need people who are high net worth to support the generous social programs that we want to have in our state.\u201d<\/p>\n

\u201cThere are some patriotic millionaires who want to step up. OK, cut me the checks,\u201d she added. \u201cIf you want to be supportive, the first step would be, OK, go down to Palm Beach and see who you bring back home because our tax base has become eroded.\u201d<\/p>\n

But she said she\u2019s not against the theoretical idea of raising taxes on the rich.<\/p>\n

\u201cSo I, philosophically, don\u2019t have a problem, but I have to look at [the] fact that I am in competition with other states who have less of a tax burden on their corporations and their individuals,\u201d the governor said.<\/p>\n

The progressive group Working Families Party, which did endorse Hochul in 2022 but has yet to back her for reelection, told NY1 the governor might be coming around.<\/p>\n

\u201cGovernor Hochul is seeing what voters want right now, and voters across the political spectrum: Democrats, independents, Republicans, all support raising taxes on the ultra-rich,\u201d Jasmine Gripper, the WFP\u2019s executive director, said.<\/p>\n

It comes after the Democratic-led state legislature revealed it\u2019s in favor of raising personal income taxes for those making $5 million or more, the corporate tax rate on big business and a slew of other revenue raisers.<\/p>\n

Hochul didn\u2019t answer directly when asked whether New Yorkers can expect to see some of those ideas come into law after this year\u2019s state budget is finalized.<\/p>\n

\u201cI\u2019m going to be smart about this budget and care about affordability,\u201d she said.<\/p>\n

Her GOP opponent, Nassau County Executive Bruce Blakeman, slammed the legislature\u2019s opening gambit.<\/p>\n

\u201cSupporting more tax hikes after billions in new taxes and 35 utility increases is a betrayal of taxpayers\u2019 trust. As Governor, I\u2019ll cut income and utility taxes for New Yorkers,\u201d he wrote in a statement.<\/p>\n

Hochul is also making a full-court press to amend the state\u2019s climate law.<\/p>\n

\u201cNew Yorkers can\u2019t pay anymore. We have to cut their cost of living. Job number one in this budget,\u201d she said.<\/p>\n

Although the state already admitted it likely won\u2019t meet the first emission reduction goals set for 2030<\/a>, Hochul now says to push back all the deadlines outlined in the 2019 climate law.<\/p>\n

\u201cI need time,\u201d she explained.<\/p>\n

Facing opposition from the legislature and also a pending court case filed by environmental groups keen on keeping the law as is.<\/p>\n

\u201cWe lost in court. We are appealing. If I lose the appeal, I can\u2019t stop those NYSERDA numbers from becoming a reality,\u201d she said.<\/p>\n

Meanwhile, one Rochester state\u00a0lawmaker said upstate and suburban districts are pushing to get more money, especially if New York City is on track to receive billions of dollars in aid.<\/p>\n

\u201cWe get together and we push back a little bit and say, look we want our neighbors and friends in New York City get what they need but we also want to make sure our residents get their fair share,\u201d Democratic state Sen. Jeremy Cooney told NY1.<\/p>\n

\u201cThere are tens of hundreds of mayors, and village and town supervisors and City Council members, village board members, trustees. All those people do not have that united voice or the platform that the New York City Mayor has,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"A day after the state Legislature called for higher taxes on the wealthy, Gov. Kathy Hochul said she\u2019s…\n","protected":false},"author":2,"featured_media":160911,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[109,116,25,8889,9,24,55,54,49,12,56,112,87,27,200],"class_list":{"0":"post-160930","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-app-local-state-politics","9":"tag-app-ny-state-of-politics","10":"tag-app-top-stories","11":"tag-bernadette-hogan","12":"tag-new-york","13":"tag-new-york-city","14":"tag-new-york-city-headlines","15":"tag-new-york-city-news","16":"tag-new-york-state","17":"tag-news","18":"tag-ny","19":"tag-ny-state-of-politics","20":"tag-politics","21":"tag-top-stories","22":"tag-vod"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/160930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=160930"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/160930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/160911"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=160930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=160930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=160930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}