Albany, New York - New York City Mayor Zohran Mamdani reiterated his call for tax hikes on corporations and the ultra-wealthy during the annual "Tin Cup Day" joint legislative budget hearing in Albany on Wednesday.

Mamdani said during the hearing that the city's budget gap has been significantly reduced from his initial projection at $12 billion.

"I'm glad to report that by assuming an aggressive posture on savings without compromising city services, incorporating updated revenue and bonus estimates, and using in-year reserves, we have lowered that $12-billion gap to $7 billion," the mayor told state lawmakers.

Mamdani blamed the deficit on his predecessor, Eric Adams, whom he accused of "gross fiscal mismanagement." He also cast blame on former Governor Andrew Cuomo, who he said had treated New York City as a "resource to be drained."

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The former state assemblymember went on to say that despite the lowered budget gap, "New York City is still placed on a ledge."

"The most responsible way off is with dedicated, recurring revenue that can provide the services New Yorkers deserve," he added.

As a first step, Mamdani said New York State must stop "draining the city’s resources."

"And second, I believe the wealthiest individuals and most profitable corporations should contribute a little more so that everyone can live lives of dignity," Mamdani continued.

The mayor suggested introducing a 2% higher tax on those New Yorkers who make more than $1 million annually, which he said would "resolve nearly half of our budget deficit."

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Mamdani has also proposed raising the state's top corporate tax rate to 11.5%.

"I will continue to advocate for these policies not only because they offer the most direct route out of this budget crisis, but because they will transform what is possible in our state," he said.

New York Governor Kathy Hochul has repeatedly insisted she will not back the hikes. Last month, she unveiled her executive budget proposal for the 2027 fiscal year, which included no tax increases.

Mamdani has, nevertheless, endorsed Hochul's reelection campaign over that of progressive challenger Antonio Delgado, who supports taxing the rich.