The democratic socialist\u2019s vision will be tough to realize, though, because any tax hikes would have to be approved by the New York State legislature and tax hike-averse Gov. Kathy Hochul (D). Local tax practitioners are emphasizing this political reality to worried clients who called and emailed in a hurry after Mandani won the Nov. 4 mayoral contest.<\/p>\n
\u201cThere\u2019s been kind of some demystifying as to how can or how will the mayor be able to make these ideas or proposals law,\u201d Jeremy Gove, a state and local tax counsel at Eversheds Sutherland, tells Bloomberg Tax editor Benjamin Freed on this week\u2019s episode of the Talking Tax podcast. \u201cExplaining this to taxpayers is what we\u2019ve been tackling over the past week or so.\u201d<\/p>\n Gove says that while higher taxes could compel some New York companies and wealthy individuals to decamp for lower-tax states, there\u2019s also a \u201cwait and see\u201d sentiment prevailing. Taxpayers might even welcome some proposals from Mamdani, such as hiring more auditors to clear out the Department of Finance\u2019s hefty case backlog, he says. <\/p>\n Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.<\/p>\n