New York State postpones implementation of tax increase plan for the wealthy and businesses.

New York State Governor Kathy Hochul announced that she will not fund the $260 billion state budget by raising personal income taxes or corporate taxes. Previously, during his campaign for mayor of New York City, Zachary Mandani promised to raise taxes on high-income individuals and businesses in the city, but the governor's statement has alleviated the concerns of some business leaders. According to Hochul's budget proposal, the reason she is able to introduce new spending plans without raising taxes is primarily due to three factors: the strong performance of the stock market, the actual impact of federal tariff policies lower than expected, and an increase in wages and bonuses. These factors have brought in approximately $9.5 billion in additional revenue to the state's finances in two years.