New York City Mayor Eric Adams' ally-turned-foe, Governor Kathy Hochul, has delivered a significant blow to his latest proposal to tax the wealthy residents of the Big Apple. In a stark departure from her previous stance, Governor Hochul has announced that Mayor Adams' plan to impose a new tax on high-income earners will not be moving forward. The proposal, which aimed to generate billions of dollars in revenue for the city, had been met with fierce opposition from business groups and wealthy donors. As the city grapples with a growing budget deficit, Mayor Adams' plan was seen as a last-ditch effort to secure additional funding, but Governor Hochul's rejection has dealt a major setback to his administration's efforts.
NYC Mayor Mamdani's latest pitch to tax the rich "not happening," Gov. Kathy Hochul says CBS News
