April 28, 2026 — “We commend Mayor Mamdani and Council Member Menin for pushing a proposal to reduce the PTET credit for the wealthiest taxpayers and generate nearly $1 billion a year for New York City. Now it’s time for the Governor to act.

Governor Kathy Hochul’s continued inaction on taxing the rich will hurt New Yorkers. The City cannot close a $5.4 billion budget gap through cuts and efficiencies alone without harming working-class communities. The math doesn’t work and the Governor’s approach makes clear whose side she’s on.

This Pass-Through Entity Tax (PTET) break overwhelmingly benefits millionaires and multi-millionaires, with more than 95% of the benefit going to those earning over $1 million a year.

Reducing the credit from 100% to 75% is a commonsense step toward a fairer tax system. It would raise critical revenue without increasing taxes on working people or cutting essential services, and New York would remain competitive with neighboring states that already offer smaller credits.

But this must be just the beginning. We need broader, recurring revenue solutions to fully fund the services New Yorkers rely on.

We urge Governor Hochul and state leaders to act now to reduce the PTET credit and go further to tax the rich and ensure the wealthiest corporations and New Yorkers pay their fair share.”

— The People’s Plan NYC & People’s Budget Campaign

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“Governor Hochul is wrong: you cannot close a $5.4 billion gap through cuts alone without hurting working-class New Yorkers. It’s time to stop protecting tax breaks for millionaires and start raising the revenue our city needs. State leaders must act now to reduce the PTET credit.”
— Zara Nasir, Executive Director, The People’s Plan NYC, on behalf of the People’s Budget Campaign