Potential NYC tax hike on wealthy to help pay for childcare

Raising taxes, whether it be on millionaires or corporations, this topic will likely be one of the biggest fights up in Albany next year. Governor Kathy Hochul has so far blocked this type of tax increase, but now Council Speaker Julie Menin is jumping into the conversation. At a Politico event yesterday, Speaker Menin said that she would support a tax hike if it helped pay for child care. Menin wouldn't go into specifics on what this tax increase would look like, but she said that free child care would attract more workers and businesses to the state. Hochul has so far blocked most tax increases, but she did cave to pressure earlier this year and helped pass a pied-à-terre tax on luxury second homes to help the city close its budget. But the city is already facing another $6 billion budget deficit next year. Hochul, who is running for re-election against Nassau County Executive Bruce Blakeman, has so far said she wouldn't support any unnecessary tax increases, but she hasn't shut the door completely. Here is Menin yesterday with more. I would definitely support a tax increase that goes to child care, I think would be something that would be beneficial for the city because it will help to attract more workers here. It helps to make sure that companies can be competitive. But what exactly those negotiations will be, I think it's too early to tell. But something that is dedicated to child care would make sense because it would allow us to finally get to that idea of universality. Universal child care was a major campaign promise of Mayor Adams, and Governor Hochul delivered him an early win this year by having the state fund free child care for some two-year-olds in the city for two years. But there is no continuous revenue source for the program, which is still far from universal. Menin support now for a tax increase to fund the program highlights the pressure the governor will face next year if she wins re-election. Childcare advocates held a rally on City Hall steps today to push for an expansion to existing child care programs. Right now, the majority of 3K and pre-K programs often end the day at 2.30 p.m. and don't operate over the summer. Advocates are hoping the city will increase funding so that pre-K and 3K programs stay open until 6 p.m. all year long. I have to put my career on hold and that um honestly put us to living off one paycheck so a free full 3K program, a pre-K would allow me to go back to work get our family back in track and figure it out and build the life we've been dreaming of now this tax issue will not come up until next year when state lawmakers return to Albany for the state budget to negotiate I appreciate it.