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NYC Mayor Zohran Mamdani Proposes Major Estate Tax Overhaul to Tackle Budget Deficit

Summary
New York City Mayor Zohran Mamdani has proposed cutting the state’s estate tax exemption from over $7 million to $750,000 and raising the top tax rate from 16% to 50%. The plan, shared with state lawmakers during budget negotiations, is part of several revenue-raising ideas aimed at helping close the city’s projected $5.4 billion budget deficit for the upcoming fiscal year.

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Bloomberg broke the news in United States on Friday, March 13, 2026.
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