New York Taxes Going Up For More Free Stuff?

Okay, so she's definitely raising taxes. And the newly elected Legislature looks set to hold supermajorities in both houses, meaning they could override her veto even if she objected. She won't. But here are some facts. Universal childcare: $12-15 billion a year. Housing: $100 billion over ten years, much of it borrowed. Free buses: $700 million to $1 billion a year. That's roughly $24 billion a year in new commitments. The biggest tax hike on the table raises $5.2 billion. The math doesn't close. And it all sits on top of $233 billion in state, NYC and MTA debt that already costs us about $1.8 billion a month. So who pays? 99,404 millionaires pay 44.6% of all state income tax. Just 799 corporations pay 75.7% of all corporate tax. Every new tax lands on this small, mobile, fragile group. And they can leave. Many will. When they do, everyone feels it, including the unions who put her in power. A fiscal mess in the making.

— Joseph Hernandez (@hernandezforny) November 7, 2026