New York state lawmakers have proposed increasing taxes on both wealthy individuals and corporations to help New York City significantly increase its $5.4 billion budget gap. This proposal aligns with Mayor Mamdani, who is seeking to fulfill his affordable agenda and has proposed a 2% increase on city dwellers making more than $1 million a year. The proposals, known as “one-house” resolutions, have typically included raising personal income taxes, which have been rejected by past governors. However, Gov. Hochul has rejected these proposals, stating personal income tax hikes are a nonstarter. If the state doesn't increase taxes on the wealthy, Mamdan has threatened to raise the property tax rate by nearly 10%.