No surprise that the state Senate and Assembly up in Albany want higher personal income taxes on the wealthy and higher corporate taxes as they propose in their one-house budget resolutions published late Monday. They always want higher taxes. Gov. Hochul is correct that higher taxes aren’t needed.

What is different this year is that the calls to tax the rich echo the victorious campaign slogan of Mayor Mamdani, but Hochul’s answer has to remain the same: No. Higher taxes aren’t needed and they should not be imposed simply because Mamdani or Albany pols want higher taxes for the sake of higher taxes.

Mamdani wants to jack up personal income taxes on top earners by 51% to bring in another $4 billion a year. He also wants the corporate tax rates to climb to 11.5%, up from 7.5%, yielding an additional $5 billion a year. But that revenue isn’t necessary for his plans, the most expensive of which is expanding child care. Hochul has found the money for that worthy program in her coffers.

That should have solved the matter, but Mamdani then said that new revenue was needed to close the budget deficit. But that’s not holding up either, as the projected deficit shrinks and Hochul allocates more money to the city.

Just yesterday the City Council released an updated budget forecast that found $1.7 billion in additional savings in the current spending plan. Rather than rejoice, Mamdani took issue with the numbers (ignoring the fact that for many years the Council’s forecasts have been more accurate than the mayor’s own Office of Management and Budget). The mayor wants higher taxes and he’s looking for a reason, any reason, to persuade Hochul.

Both the Senate and Assembly call for the same two tax increases that Mamdani favors, personal income taxes at the top bracket and higher corporate taxes. Those poll well, as Mamdani said during his campaign last year. But this isn’t about popularity; it’s about economics. We have no absolute objection to ever raising taxes if they are needed, but we oppose raising taxes just to raise taxes.

Hochul must resist the Legislature on this, as she has done each year since she’s been in office. That she no longer has a left-wing primary challenger from turncoat Lt. Gov. Antonio Delgado should make it easier for her to say no and raising taxes in an election year is just bad politics, as well as bad governing.

If the Legislature wanted to really help the city with its finances, then bring back the modest New York City commuter tax that was wrongly repealed on May 17, 1999. The city OMB maintains the tally of what that blunder cost and updates it every year, called the Commuter Tax Forgone Revenue Estimate, a number we ask for every year. In the most recent year, Fiscal Year 2025, the missing money was $1.298 billion. Cumulative since 1999 it totals $20.416 billion.

There were 26 legislators from the city who voted for repeal. The only one of them still in office is Assemblywoman Vivian Cook of Queens, who is not running again. With her departure, the Legislature should undo the wrong that they committed against the city.

Too bad that there’s no way to get back that missing $20 billion.

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