US EditionNYC Mayor Zohran Mamdani Calls for Tax Hike on Richest Residents, Corporations to Fix Massive Budget Deficit
Mayor Mamdani blames prior administration for $12 billion deficit and plans to raise taxes on the top 1% and corporations by 2%, pending state approval.
- NYC Mayor Zohran Mamdani has proposed raising taxes on corporations to 11.5% and a 2% tax rate for individuals earning $1 million or more to address a massive $2.2 billion budget deficit this fiscal year and a projected $10.4 billion deficit in the 2027 fiscal year.
- Mamdani's campaign centered around reducing the cost of living for residents, including freezing rent for rent-stabilized units and providing free bus services.
- The city's budget issues have been flagged for years, with the city likely to see spending exceed revenues for the fourth year in a row, despite anticipated revenue above planned collections in the current fiscal year.
62 Articles
62 Articles
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Politics, Policy, Political NewsIT BEGINS: Zohran Mamdani Announces Plans to ‘Tax the Wealthy’ to Compensate for NYC Budget Deficit
by Mike LaChance, The Gateway Pundit: Well that was fast. Zohran Mamdani has been mayor of New York City for less than a month and he is already talking about raising taxes on the ‘wealthy’ to make up the city’s budget deficit, which he claims is on par with the Great Recession. Get ready to […]
Socialist Mamdani’s tax assault on NYC’s rich begins — claims Adams forced his hand with fiscal crisis
New York City's newly inaugurated mayor, Democratic Socialist Zohran Mamdani, revealed plans to increase taxes on "the richest New Yorkers" less than one month into his term, blaming former Mayor Eric Adams (D) for a budget shortfall.On Thursday, Mamdani held a press conference to detail the "Adams Budget Crisis," claiming that the former mayor "misled and misinformed" New Yorkers about the "true state" of the city's finances.'And here's the par…
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Mamndai seeks wealth tax to plug NYC's $12B budget gap
(The Center Square) — New York City Mayor Zohran Mamdani wants to raise taxes on the city's wealthiest to help reduce a projected $12 billion deficit he says was inherited from the previous administration.
Mamdani Aims to Tax the Rich
New York City Mayor Zohran Mamdani announced plans to tax the city’s wealthiest residents in an effort to fill the budget deficit of more than $12 billion. During an appearance on CNBC’s “Squawk Box,” Mamdani told host Andrew Ross Sorkin that city officials “need to change our relationship to the wealthiest residents and most profitable corporations here in New York City” in order to address the deficit. He added that the deficit “requires the k…
Mayor Mamdani announces new initiative to fix $12B NYC budget gap
NEW YORK CITY (PIX11) — Mayor Zohran Mamdani is requiring every city agency to hire a “chief savings officer” to close a massive budget deficit, he announced Thursday. Mamdani on Wednesday outlined the city’s bleak fiscal reality, including a $12 billion budget gap between 2026 and 2027. In an exclusive interview with PIX11’s Dan Mannarino, [...]
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