(Spencer Platt/Getty Images)
New York City Mayor Zohran Mamdani claims that the city budget has a $5.4 billion shortfall, and one of the ways he proposes to close that gap is by changing the state’s estate tax laws.
At present, New York imposes a death tax of 16% on estates worth more than $7 million.
Mamdani wants to lower that threshold to estates worth only $750,000, he’s proposing increasing the tax to 50%, and the tax would be imposed not only on the assets in excess of $750,000 but on theentirety of the estate…