I'm Martha McCallum. I'm Bill Hemmer. I'm Shannon Bream, and this is the Fox News Rundown.

Wednesday, February 18th, 2026. I'm Evan Brown. The new mayor of New York who promised to raise taxes is looking to raise taxes.

And residents of New York City, the country's biggest and most expensive

city are shocked.

Your everyday New Yorker has no recourse but to, you know, decide to pick up and leave.

And unfortunately, I wish the message being delivered was, how can we cut spending?

Not how can we increase taxes.

This city needs to cut spending. This is the Fox News Rundown

evening edition.

New York City's new Democratic socialist mayor took office at the start of the new year, which was

less than two months ago, and that came after a campaign in which Zohran

Mamdani promised the old socialist promise to redistribute wealth in order to right-side the

finances of New York City, and that really had to do with hiking taxes on the city's businesses

and Uber-rich residents. What we are talking about here is New Yorkers who make a million dollars a

year or more, increasing their personal income taxes by 2%. I had, I spoke to one New Yorker just the

other day who identified themselves as making more than a million dollars. They said, is it true?

You want to increase my taxes? I said, yes. but that doesn't seem to be coming to fruition despite

new york city's residents paying a city income tax on top of their state and federal income taxes

that specific tax is levied and collected by the state of new york not the city and while new york

state governor kathy hokel is pledging one and a half billion in state funds to help make up the city's shortfall, she's not too cool on raising that tax.

Momdani's budget, as just announced, will still be short about $5.5 billion.

The mayor is proposing a budget of $127 billion in a city where 8 million people live.

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