Mayor Mamdani testifies before New York lawmakers on Tin Cup Day
ALBANY, New York (WABC) -- Mayor Zohran Mamdani testified before state lawmakers in Albany on what is known as "Tin Cup Day," pushing to reset what he says is a disproportionate relationship between Albany and New York City.
Mamdani asked for taxes to be raised on the wealthiest New Yorkers and called on the state Legislature to raise income taxes by 2% on residents who make more than $1 million.
He said it's the only way to close a budget gap which he now estimates will be $7 billion over two years, rather than the $12 billion that was originally estimated.
"We have lowered that $12 billion gap to $7 billion," he said.
The mayor admitted his team had underestimated income from Wall Street salaries and bonuses and identified one billion in efficiencies, but insisted that it's not nearly enough.
The mayor has a progressive agenda, and has been telling lawmakers he thinks Albany can give the city more money, while approving a tax hike on the wealthy and large corporations.
"I believe that the wealthiest individuals and most profitable corporations should contribute a little bit more so that everyone can live lives of dignity. That's why, along with raising the corporate tax, I'm asking for a 2% raise in personal income taxes on the most affluent New Yorkers," he said.
But the mayor's request raised more than a few eyebrows.
"We can't keep raising taxes and have people fleeing," said New York State Senator Monica Martinez.
Mamdani responded, saying "I am confident that people will continue to stay in the city."
Mamdani is a recent state assemblyman and has relationships with many current members, some who have expressed support for his tax proposals in the past.
The state Legislature has supported a free bus pilot program, which was sponsored in the Assembly by Mamdani.
But even those who agreed with Mamdani had questions of their own.
"Well, we'll grow the pie, and we need to make sure that you have your priorities in order," said New York State Senator John Liu.
Gov. Kathy Hochul has said there will be no personal tax increase this year and free buses are not something she is supporting at this time.
Andrew Rein of the Citizens Budget Commission says Mamdani shouldn't need higher taxes.
"Increasing taxes risks alienating and driving away businesses that create jobs and people who disproportionately pay a lot in our taxes that fund our public schools, our police, our sanitation," Rein said. We need to be competitive. That's why we should hold the line on taxes."
Rein insists the mayor can find the money in his own budget, but Mamdani believes that popular support for taxing millionaires is growing, and state lawmakers may be underestimating that.
"Tin Cup Day" is the day in Albany when politicians from across the state descend on the capital to plead with the Legislature for more money.
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