Martin Z. Braun

Millionaires, who comprise less than 1% of New York City filers, generate 40% of city income tax revenue, says the Citizens Budget Commission.

Any new taxes to fund his agenda need the backing of the state, and Governor Kathy Hochul has said she's against such hikes.

City officials attribute the trend to the end of a tax-lien sales program that punishes delinquency.

The governor's $227 billion budget includes proposals that would make it easier to convert older office buildings into residential use.

State tax revenues in some parts of the U.S. are rebounding as the economy emerges from the coronavirus lockdown, a positive sign for governors and mayors who had been bracing for the biggest fiscal crisis in decades.

Democrats in New York, the world’s financial capital, may finally have the right moment to resurrect the state tax on stock trades.