NYC Progressive Coalition Pushes for Millionaire Income Tax Hike

State and city lawmakers are uniting to propose a 2% income tax increase on high earners to combat the city's escalating cost of living crisis. The initiative seeks to leverage legislative support to address economic inequality through targeted tax reform.

8 articles·February 11 – March 5, 2026

Key Points

Assemblyman Zohran Mamdani and the NYC Council's Progressive Caucus are advocating for a 2% income tax hike on residents earning over $1 million.
The proposed tax increase aims to address the city's high cost of living and a projected $12 billion budget deficit.
The broader legislative package presented to Governor Hochul also includes new capital gains taxes and fees for ultra-high-net-worth individuals.

8 News·Wed, Feb 11 – Today

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