New York, Jan 20 (EFE) – New York City Mayor Zohran Mamdani on Tuesday called on the wealthy to “pay their fair share” after learning of a proposed state budget that increases spending on childcare but does not include tax hikes, one of his campaign promises.
Governor Kathy Hochul unveiled her budget proposal for fiscal year 2026-2027, which begins in April and includes record spending of $260 billion (a 2% increase) without raising personal income or corporate taxes.
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Among the highlights of Hochul’s proposal, which will now be debated in the Democratic-controlled state legislature, is an increase in funding for childcare programs to approximately $4.5 billion, with the goal of providing “universal” service.
In a statement, Mamdani applauded the “significant investments that bring us closer to an affordable New York” through advancements in early childhood education, but noted that the city he leads is facing financial difficulties, which he blamed on his predecessor, Eric Adams.
While the state has a “solid” financial foundation, the city faces a budget shortfall of between $12 billion and $13 billion, identified by public auditors, which is “a direct result of Adams’s gross fiscal mismanagement,” the mayor asserted.
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The Democratic socialist stated that he rejects “austerity policies” and declared that taxpayers should not pay for Adams’s mistakes, insisting that the wealthy pay more taxes—a key slogan of his campaign and of the left wing of his party—albeit with a less combative tone.
“It’s time to ask the wealthiest and largest companies in New York City to pay their fair share, while we also work on a tax relationship with the state that better reflects” the Big Apple’s role as the territory’s “economic engine,” the young politician concluded.
For his part, Hochul asserted today that the Trump administration has cut federal funding to New York by approximately $10.3 billion, but insisted that raising taxes is unnecessary since the state has a progressive tax structure and there have been “record bonuses on Wall Street.”
File photo. EFE/EPA/SARAH YENESEL
