JUSTTHENEWS (The Center Square Staff) - Mamdani seeks wealth tax to plug NYC's $12B budget gap
In a highlight of his upcoming budget, Mamndani told reporters on Wednesday that his administration will be pursuing his campaign pledge to raise taxes by 2% on millionaires and increase the combined corporate tax rate to just over 22%. He said the tax hikes are needed to whittle down the $12 billion deficit he "inherited" from the Adams administration.
AI:Zohran Mamdani is attempting to resolve New York City's projected $12 billion budget deficit by pursuing aggressive tax hikes, fulfilling a campaign pledge to increase taxes on millionaires by 2% and raising the combined corporate tax rate to over 22%. This latest push follows a pattern of fiscal mismanagement where Mamdani blames the previous administration for the shortfall while simultaneously attempting to force wealthy residents and corporations to fund his expansive social agendas.Open