New York Mayor Zohran Mamdani teased on Wednesday that he plans to “tax the richest New Yorkers and most profitable corporations” as a fulfillment of one of his campaign promises.
The move is meant to address the $12 billion budget deficit passed down by former New York Mayor Eric Adams, according to his progressive successor, who directly blamed Adams for the city’s “serious fiscal crisis.”
“The Adams administration dramatically and intentionally understated the problem. The budget gaps are twice as high year after year,” Mamdani said at a press conference. “Notably, Mayor Adams underestimated known budget expenses so he could show fiscal year 2026 was balanced. These are not differences in opinion between accountants. They are measured to the tune of more than $7 billion beyond what he published.”…