New York’s economic climate is toxic, and any talk about exacerbating our existing tax burden must be met with fervent skepticism. Since New York City elected socialist Zohran Mamdani to be mayor, Gov. Kathy Hochul’s tone on taxes has become suspiciously ambiguous. Despite making claims to the contrary, it is clear the door is open for a tax hike.
The progressive wing of the state’s Democratic Party is quick to point out their tax plans are aimed at wealthy New Yorkers, and the dialogue around any potential tax hike appears to be limited to corporations. Don’t be fooled, though. It’s already a massive uphill battle attracting and retaining job-creating businesses here, and as outmigration continues to plague our tax base, revenue-hungry progressives will turn to everyday New Yorkers to make up the difference while businesses inevitably flee. The number of residents moving out of New York exceeded the number of those moving in by approximately 900,000 from 2021 to 2024, which included net losses of close to 300,000 each in 2021 and 2022.
It is beyond brazen for the liberal Democrat camp to even insinuate a tax hike, considering New York’s cartoonishly broken tax system. According to the Tax Foundation, New York ranks dead last in overall tax competitiveness. This is likely due to the fact the state suffers the worst individual income tax rates, 47th worst property tax rates and 42nd worst sales tax rates. How could you even begin to consider compounding this crisis with additional tax hikes? It is ridiculous to even entertain the notion…