Several blue states are considering wealth taxes to close the budget holes worsened by President Donald Trump’s sweeping budget law. New York is not among them.
As Democratic legislators and governors in Minnesota and Washington back legislation that would lead to higher taxes on wealthy residents and capital gains in response to federal cuts to Medicaid and SNAP, Gov. Kathy Hochul says she is sticking to her promise to not raise taxes on wealthy New Yorkers.
Her decision highlights a major political dilemma for blue-state governors who will be facing major budget shortfalls due to Trump’s signature legislative item.