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NYC Mayor Zohran Mamdani Calls for Tax Hike on Richest Residents, Corporations to Fix Massive Budget Deficit
- On Wednesday, January 28, 2026, Mayor Zohran Mamdani announced at City Hall a plan to tax households making more than $1 million and profitable corporations to erase a $12 billion deficit he inherited from the Adams administration.
- Mamdani blamed prior administrations and state funding shortfalls, saying the Adams administration understated budget gaps by more than $7 billion and citing a $21.2 billion state funding gap from fiscal 2010 to fiscal 2022 under Andrew Cuomo; he said the state owes the city $8 billion.
- Seeking efficiencies rather than cuts, Mamdani, Mayor of New York City, said he will pursue savings and declined to disclose measures, citing housing and child care costs as top retention issues.
- Mamdani said he will work with Hochul and legislature, while her $260 billion budget recently did not include his tax hike, a spokesperson for Adams claimed he inherited nearly $10 billion in debt.
- Next month, City Hall will release a preliminary budget balancing fiscal 2026 and fiscal 2027, with Zohran Mamdani framing a higher tax on wealthy residents as key to easing living costs.
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Zohran Mamdani offers few fixes to NYC’s $12B budget hole as he renews call to hike taxes
A stern Mamdani gave a doom-and-gloom address Tuesday that wasted no time blaming his predecessor Eric Adams and rival former Gov. Andrew Cuomo for the budget crunch threatening his expensive socialist agenda.
·New York, United States
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Mayor Mamdani launches push to tax the wealthy as he blames NYC $12 billion budget gap on Adams
Mayor Mamdani lambasted former Mayor Eric Adams for a “fiscal crisis” on Wednesday, laying the blame on Adams for a budget gap that could exceed $12 billion. The mayor’s remarks came as he launched a public push on Gov. Hochul to raise taxes for the city’s richest residents and corporations and to send billions more NYC’s way. “Former Mayor Eric Adams handed the next administration a poisoned chalice,” the mayor said at a City Hall press confere…
·New York, United States
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Total News Sources37
Leaning Left4Leaning Right12Center8Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
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