Mayor Zohran Mamdani has a new estate tax proposal that critics say could affect middle-class New Yorkers. According to a memo circulated by City Hall, the Democratic mayor wants to bring the estate tax exemption threshold from $7 million to $750,000, a move critics say would affect the middle class. New York is one of the very few states which imposes a 16% tax on estates worth more than $7 million
However, Mamdani wants to change that. His “Tax Revenue Raising Proposals” is a set of proposed tax increases, which he says could help close the $5.4 billion city budget gap. In a proposal submitted to Gov. Kathy Hochul, the Mayor wants to hike the estate tax rate to 50% from the current 16%.
OUTRAGEOUS: New York City’s Socialist Mayor Zohran Mamdani is pushing an EXTREME proposal to slash the state’s estate tax exemption threshold from over $7 million down to a measly $750,000—a staggering drop of nearly 90%…