THE SHAPE OF THINGS TO COME (NYC EDITION): Mamdani Presses for Tax Hike on New York’s Wealthiest as Budget Deficit Looms.
“We must raise taxes on the wealthiest few in New York City so that we can invest in the many,” the newly elected Democratic socialist mayor of the country’s largest city said in an interview Tuesday.
During the campaign, Mamdani pledged to raise taxes on millionaires and corporations to help fund his ambitious affordability agenda. But the plan drew swift rebuke from the city’s elite, who said a tax hike would drive the wealthiest out of New York. New York Gov. Kathy Hochul, who would have to sign off on the increases, has said she opposes income-tax hikes but has previously been more open to a potential corporate-tax increase. “I don’t believe in raising taxes for the sake of raising taxes,” she said earlier this month.
Mamdani said in the interview the tax increases were now urgently needed to meet the moment. “New York City has not seen a gap of this scale since the Great Recession,” he said, referring to the 2008-09 financial crisis. He added that his administration has already begun conversations with state officials.
And when the wealthy few move to Miami?
