Name: Democrats' Taxing Binge Pushback
Uploaded: 2026-03-29T18:53:00Z
Duration: 5 min 57 s
Description: Journal Editorial Report: Effort continues as Mamdani & NY Gov. Hochul back off some tax hikes.

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Journal Editorial Report: Effort continues as Mamdani & NY Gov. Hochul back off some tax hikes. Photo: Adam Gray/Bloomberg News/Spencer Platt/Getty Images

https://m.wsj.net/video/20260329/116d2828-5e5e-460b-b0c9-cf513b9c1e80/1/hls/manifest-hd-wifi.m3u8

Journal Editorial Report: Effort continues as Mamdani & NY Gov. Hochul back off some tax hikes.

Democrats' Taxing Binge Pushback

Earlier this week, "The Wall Street Journal Editorial" wrote, quote, "Democrats are on a taxing binge. Everywhere you look across the country, they're aiming to grab more taxpayer cash." All too true; but those plans may be changing, at least in New York a little bit. New York City Mayor, Zohran Mamdani, reportedly backing off his proposal to raise property taxes on New Yorkers, but he is still pushing for more state money to cover his massive spending plans. And New York Governor, Kathy Hochul, is now asking the legislature to delay the start of the state's cap-and-tax program and CO2 emission cuts mandated by a climate change law that passed back in 2019. Now, she says she's worried that the cost is too much for New Yorkers as she faces reelection in November. We are back with our panel. Jason, Governor Hochul has been around long enough to know that New York has been losing a lot of taxpayers, and that means a lot of tax revenue as a result of raising taxes over the years.

Right.

They've raised the top margin rate about 21% over the past 10 years, but she faces Mamdani's socialist block for reelection.

Right.

And I still think that she would be willing to give up everything she claims to think about, about losing the tax base in order to get reelected.

No, I think the Democrats are addicted to tax increases, so that's what they're constitutionally suited to do. And that's what we can expect. One thing to point out at the beginning here is that tax revenue for the states is up by more than 40% since 2019, which has doubled the rate of inflation, David. So these tax increases are not because they're lacking in revenue, they've been swimming in revenue-

Right.

And it's just not enough; they want to spend more, whether it's California, whether it's Washington, rural Idaho, in Virginia, typically, again, they're going after the so-called wealthy, or they're calling the tax increases temporary. They're never temporary and they never stop at the wealthy. We've seen this playbook before, but that's what we're seeing a repeat of. In New York, Governor Hochul is saying, "Well, the sort of cap-and-spend program that I had, that we passed back in 2019, maybe now is not the right time; it might, because the prices of fossil fuels are gonna go up with all that's going on in the world, so oil and gas increases will go up." But, David, that is the game plan

It is.

Of the environmentalist to increase fossil fuels, so that people are forced into renewables. So I see nothing new here, and I wouldn't trust a word coming out of their mouth about holding off. If they are holding off-

Well, we can't-

It's very temporary.

The pressure from the left is just extraordinary, I've never seen pressure from the left this strong. Of course, they're experiments in places like New York and on the West Coast are gonna fail. But even the state of Washington, we should mention, for those who don't know, was this sort of rare West Coast little island of no taxing for years, for decades, but it all changed back in 2022 when they began taxing income, it was supposed to be just on the top, of course, it always boils down. Now they're facing a top marginal rate of about 10% plus on capital gains. So, I mean, even the State of Washington, which was a rare exception to the rule on the West Coast, has changed now.

By the way, can I also add too, David, that this is in complete opposition to voters in Washington State that have on numerous occasions rejected these plans at the ballot box, also in opposition to the State Supreme Court that said that you can't do this. I mean, they're just running rampant over all voter will, Supreme Court precedent because they must have this money, and that shows you the degree to which they are addicted to this. And you have it happening in blue states all across the country. I do think you are hitting some upper limits on it though. I mean, you see that in what's happening in New York, in California, interestingly, where this union is trying to get a new initiative on the ballot to tax wealth. Gavin Newsom, the governor, is like, "I'm out. I can't go that far because all the billionaires will leave my state." And so, there is some reality hitting, whether it's electoral or just the recognition-

Yes. That this is destroying state economies.

And Kyle, it's not just the rich, the middle class were shocked into reality with Mamdani. On a list of 11 different tax proposals, way down at the end, he has his proposal to change the estate tax, essentially bringing it into the middle class because he lowers the threshold from $7 million, up to that point, you don't have to pay a death tax, down to 700,000, and there are a lot of middle class families that 30 years ago, 40 years ago bought a house for $70,000 that's now worth over a million, that's affecting the middle class now, and that was really a road too far for them.

Yeah. And that may be responsible for some of the pushback. I mean, that's the optimistic case, not only the reality setting in that capital and people are mobile and they can leave high tax states. But also the pushback, you know, kind of combining these two ideas that the idea of high prices on energy for middle class families, these property tax increases that Mamdani wanted, I mean the Democratic Party has long had the fiction that "We can give you everything you want, free everything, free childcare, free healthcare, and you're not gonna pay for it, we're gonna make the other guy pay for it." The difference between these socialists like Bernie Sanders and Mamdani, is they say, "No, you're gonna pay for it, too." So it is a little bit encouraging that there has been this voter revolt, and we can go back to the old Democratic idea that is just gonna be the billionaires, which you just can't make it pencil out in the end.

Yeah. But it's also, by the way, business, businesses moving out of these high tax states on Mass down to places like Texas and Florida.