"New York City and Mayor Zohran Mamdani find themselves in deep economic water. The city is staring at a $12 billion budget hole that must be filled by June 30, a massive economic challenge for any mayor, let alone one on the job for just 22 days like Mamdani. Without question, a deficit of this size will hinder Mamdani's ability to realize much of the affordability agenda that propelled him to the highest office in New York City last year."
"If he had it his way, Mamdani would institute a tax increase on the wealthiest New Yorkers, as he promised to do during his mayoral campaign in 2025. Anyone making more than a million dollars annually would be affected by such a tax increase; the mayor says a 2% increase in income would generate $4 billion in new city revenue. A similar increase in corporate taxes would raise another billion dollars for the city."
New York City faces a $12 billion budget shortfall that must be closed by June 30, constraining the incoming mayor's policy agenda. Mayor Zohran Mamdani, 22 days into office, favors a wealth tax targeting earners over $1 million, proposing a 2% increase to raise roughly $4 billion and a corporate tax rise expected to add about $1 billion. Those measures would total about $5 billion, leaving a significant gap. Tax authority resides with the state, and Governor Kathy Hochul has opposed tax increases while facing re-election, limiting the city's ability to enact those revenue measures.
Read at www.amny.com
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