Governor Hochul must Tax the Rich to make up $12 billion budget gap

Kathy Hochul and NY state legislators must deliver a responsible budget that includes taxes on the rich

For immediate release: Friday, January 16, 2026

Contact: press@socialists.nyc; press@ourtime.nyc

Today, Mayor Zohran Mamdani confirmed that, due to the irresponsible fiscal management of former Mayor Eric Adams and failed Mayoral candidate Andrew Cuomo, New York City has inherited a $12 billion gap in funding over the next two years. Earlier this week in the State of the State address, Governor Kathy Hochul laid out a 2026 agenda that included important investments in child care but no new revenue to ensure the program is permanent and universal, even as New York is facing deadly cuts to healthcare, child care, and food assistance.

There is a straightforward and fiscally responsible budget solution: tax the rich to pay what they owe. NYC-DSA and Our Time call on Kathy Hochul and our state legislators to deliver the responsible budget that New Yorkers deserve: one that includes taxes on the rich to fund a beautiful, affordable, and dignified life for all. 

This is a choice: New York could tax the rich to maintain essential services and deliver a dignified, affordable life for all. An overwhelming 78% of New Yorkers support such taxes to address federal funding cuts and fund the New York we deserve. If Governor Hochul continues to refuse to tax the richest individuals and corporations, who are about to enjoy a $12 billion federal tax cut, she will be handing the wheel to the Trump administration as it destroys our social safety nets.