New York City Mayor Zohran Mamdani has circulated a memo to state lawmakers proposing to cut the state’s estate tax exemption from $7,350,000 to $750,000.
A reduction of roughly 90% — while raising the top estate tax rate from 16% to 50%, according to multiple reports emerging this week. The proposal represents Mamdani’s latest effort to find revenue sources to close a $5.4 billion city budget deficit for the fiscal year beginning July 1, 2026.
A Familiar Idea With New Urgency…