New Poll: 78% of New Yorkers Support Taxing Corporations and Wealthy to Address Federal Cuts

Bipartisan Majority of Voters Back Progressive Revenue Over Cuts as State Faces Dangerous Federal Funding Cuts

NEW YORK – A decisive 78% of New Yorkers—including majorities across party lines—support raising taxes on large corporations and the wealthiest 5% of earners to address the tens of billions of dollars in funding cuts caused by the federal budget scam, according to a new Siena Research Institute poll commissioned by the Invest in Our New York Campaign.

The Siena Research Institute poll of 1,010 registered voters, conducted October 13-17, reveals broad and growing public support for progressive taxation, with 86% of Democrats, 63% of independents, and 53% of Republicans backing increased taxes on the wealthy to fund universal childcare, affordable housing, and public transportation. Support extends across all regions of the state, including 80% in New York City, 74% on Long Island, and 65% upstate.

Notably, 62% of New Yorkers, including 77% of Democrats, back raising corporate tax rates on profits over $5 million from 7.25% to 11.5% –– a proposal put forward by leading New York City mayoral candidate Zohran Mamdani.

"New Yorkers have delivered a clear mandate to Governor Hochul and state legislators: make the wealthy pay their fair share rather than cutting the schools, hospitals, and housing programs our communities depend on," said Maria Duarte, campaign organizer for Invest in Our New York. "With the federal government stripping billions from our state budget, Albany can either protect billionaires' tax breaks or stand with working-class families. This poll shows voters know which choice is right. Lawmakers need to listen to their constituents and act accordingly."

The poll reveals that New Yorkers harbor deep concerns about tax fairness, with 60% expressing dissatisfaction with the state's current tax system. A growing majority believes the wealthiest residents aren't paying their share: 64% say households earning over $5 million annually pay less than they should in state taxes, up from 48% in a similar 2023 poll.

Key Findings:

• 71% of all New Yorkers, including 86% of Democrats, 63% of independents, and 53% of Republicans, favor funding for universal childcare, affordable housing, and public transportation by raising taxes on large profitable corporations and the top 5% of earners.

• 78% of New Yorkers agree that to address federal program cuts, the wealthiest residents should pay their fair share in taxes—including 88% of Democrats, 68% of independents, and 66% of Republicans.

• Specific tax proposals command majority support: 64% support increased income taxes on the top 5% of earners, 62% back raising corporate tax rates on profits over $5 million, and 54% favor a surcharge on stock sales over $500,000.

• Tax fairness is a winning political issue: 61% of voters say they're more likely to support candidates who favor raising taxes on the wealthy over cutting services, while 65% prefer candidates who reject contributions from corporate interests like real estate and fossil fuel industries.

The Invest in Our New York Campaign is urging Governor Hochul and state legislators to advance progressive revenue proposals during the upcoming legislative session.

“The numbers don’t lie: It’s time to make the obscenely wealthy pay their fair share and build an economy that works for everyone. New Yorkers have been drowning in housing unaffordability and high health care, food, and utility costs. Federal funding cuts and new nonsense from D.C. will lead far too many of us to go hungry and suffer unless our state and city take action. Regardless of background, generation or party, we know there is more than enough for all of us to thrive if corporate landlords, Wall Street profiteers, and other oligarchs don’t hoard it. New Yorkers are tired of being lied to by corrupt politicians and priced out of our city by greedy CEOs. It’s time for elected officials to serve their constituents instead of their donors, and to tax the billionaires and the multibillion dollar corporations so the rest of us can thrive,” said New Yorker and People’s Action Institute Director of Strategic Initiatives Sondra Youdelman.

Marina Marcou-O'Malley, Co-Executive Director of Alliance for Quality Education, said, “This poll shows what we already know: Raising taxes on billionaires so we can invest in public supports and programs like child care is overwhelmingly popular with voters. It's also necessary and urgent. Families are struggling, and educators are stretched to the limit. Our state can't thrive when parents are forced to choose between going to work and caring for their children. New Yorkers are ready to build a future where every child, every parent, and every community has the resources to succeed. The only question is, are our Governor and State Legislature ready to put the money where their mouths are?”

"New Yorkers have spoken loud and clear: they want a tax system where everyone pays their fair share. This poll shows that voters understand what our members have been saying for years: we can't afford to keep giving breaks to billionaires and corporations while working families struggle to keep a roof over their heads. As Washington cuts funding that our members depend on, Albany must act boldly to raise revenue from those at the top and invest in the real affordable housing New Yorkers desperately need," said Juanita O. Lewis, Executive Director of Community Voices Heard.

Jennifer Hernandez, Director of Campaigns at Make the Road New York, said, “While working New Yorkers struggle every day to make ends meet, the ultra-rich continue to get richer and ripe of the benefits of tax breaks. As the federal government continues to strip our communities of essential services and programs, our people are looking at the state legislature and the Governor to finally take bold action. It’s long overdue for Albany to make the ultra-wealthy and big corporations pay their fair share, so we can invest in affordable housing, childcare, and public services for all.”

"The results are a tax policy Batsignal to all lawmakers in 2026: no more budget cuts — raise the revenue needed to invest in our communities. Thanks to Invest in Our New York and its partners, people across the state have the power to win. The State Revenue Alliance, and hundreds of organizations around the country, are proud to stand with New York families over the demands of the wealthy and well-connected,” said Amber Wallin, Executive Director of the State Revenue Alliance.

"For too many families in New York, affording our groceries, rent, or childcare is a daily question that takes up most of our time and energy. But while elected leaders quibble about how to move forward, working people are almost single mindedly in agreement on what our state needs: seven out of ten of us want to make the rich pay what they owe in higher taxes to fund the things we need like childcare and housing and to reverse the harmful cuts from the Trump agenda,” said Charles Khan, Deputy Director of Strong Economy for All.

“While a small majority of New Yorkers say that they pay their fair share in state taxes, larger majorities believe that households earning more than $1million or $5million are paying less than they should.  Over two-thirds of all NY’ers are in favor of raising taxes on large corporations and the top 5% of earners if the funds paid for programs like universal childcare, affordable housing or public transportation. However, nearly 1/3 of New Yorkers believe both that increasing taxes will result in the wealthiest citizens leaving New York and that since high income individuals and profitable corporations create jobs, increasing taxes will hurt not help the economy. Of that 31% of New Yorkers, raising taxes on the highest earners and profitable corporations is opposed by 68-29%,” said Siena Research Institute Director, Don Levy, PhD. 

Methodology: The Siena Research Institute interviewed 1,010 registered voters weighted to be representative of voters across New York State, between October 13-17, 2025. The poll has a margin of error of +/- 4.2 percentage points.

About Invest in Our New York: The Invest in Our New York Campaign is a statewide coalition of community organizations, labor unions, and advocacy groups working to create a more equitable tax system in New York State. The campaign supports common-sense tax reforms that affect only the top 5% of earners, including New Yorkers who generate wealth through passive income, and highly profitable corporations. For more information, visit InvestInOurNY.org.

###