New poll shows that taxing the rich is very popular

As a mayoral race that has had taxing the rich front and center winds down, a new poll found that raising taxes on the wealthy remains a broadly popular policy position not just in New York City, but around the state where key congressional battleground contests will take place next year.

Invest in Our New York, a coalition that advocates for increased taxes on high-earners, and People’s Action Institute commissioned the poll from Siena College. It surveyed 1,010 registered voters across the state Oct. 13-17, and included more specific breakdowns by region. With the exception of one specific tax proposal, New Yorkers largely responded favorably to plans to tax the rich – including New York City mayoral candidate Zohran Mamdani’s proposal. The groups previously polled voters on the issue in 2023.

A total of 62% of voters polled said that the state should raise the corporate tax rate for businesses making more than $5 million in profit from 7.25% to 11.5%. That’s straight out of Mamdani’s policy agenda to help fund his ambitious plans for free buses and universal childcare. Support was highest among Democrats, 77% of whom agreed with the proposal. But a majority of independents also backed the idea, as well as 59% of self-described moderates. What’s more, a small majority of Long Islanders polled said the state should increase that tax rate – even though Democrats in Nassau County are desperately trying to distance themselves from Mamdani.

A majority of voters in every region also said they supported increasing the income tax rates for the top 5% of earners in the state, with 64% of all respondents backing the tax increases. Even a slight plurality of self-identified conservatives said the state should raise income taxes on the top 5% of earners. A proposal to add a surcharge to stock sale income over $500,000 garnered a smaller majority, with 54% of voters backing the idea. That proposal had less support among independents, with 53% saying lawmakers should not impose a surcharge. It was slightly unpopular in the Hudson Valley, where Democrats hope to both flip and preserve congressional seats. 

“With the federal government stripping billions from our state budget, Albany can either protect billionaires' tax breaks or stand with working-class families,” said Maria Duarte, campaign organizer for Invest in Our New York. “This poll shows voters know which choice is right. Lawmakers need to listen to their constituents and act accordingly." Gov. Kathy Hochul has consistently said she opposes increases to income taxes, a stance she reiterated just last week. “We’re not looking at new income taxes, I’ve been very clear,” Hochul told reporters at a press conference about the freezing of federal food assistance. 

The one proposal that New Yorkers across the board largely disagreed with was the idea of taxing inheritances over $250,000. Even 51% Democrats objected to that idea. In total, 64% of voters said it would be a bad idea, with the most amount of opposition coming from the suburbs. New York doesn’t currently have any inheritance tax, just an estate tax for estates worth over $7.16 million.

The polling also found that messaging impacts the levels of support for new taxes on the wealthy. The survey asked half of the respondents whether “the wealthiest should pay their fair share” in order to address federal cuts included in the “One Beautiful Bill,” and 78% of respondents – including 66% of Republicans and 68% of conservatives – said they agreed. But when the other half of respondents were asked if the state should “increase taxes on the rich,” overall support dropped to 64%, with support among Republicans and conservatives plummeting to just 35% and 40%, respectively.