Hochul Won't Increase Income Tax to Balance New York's $260B Budget Proposal

Hochul Unveils $260 Billion N.Y. Budget That Avoids Raising Taxes

Gov. Kathy Hochul of New York, who faces re-election this year, said that the state budget faced “real volatility” because of threats from President Trump.

Hochul won't increase income tax to balance New York's $260B budget proposal

While the budget will not increase income taxes, Hochul will announce a three-year extension of the 7.25% corporate tax rate on companies that earn more than $5 million.

Hochul’s record-high $260B NYS budget proposal includes no tax hike for now

According to preliminary figures shared with The Post, Hochul is set to lay out a $260 billion state budget for the 2026-2027 fiscal year Tuesday morning, blasting past last year’s $252 billion executive proposal and setting up fights in the weeks ahead with a state legislature that’s consistently advocated for taxing the rich in recent...