Mamdani Trims Corporate Tax Push, Bets on Real Estate Fees to Balance NYC Budget
TL;DR Summary
New York City Mayor Zohran Mamdani narrows his corporate tax plan to a smaller, city-focused hike and adds fees on pricey home sales, while also cutting the Pass-Through Entity Tax credit. The package aims to raise about $1.75 billion a year for the city and includes an ongoing push for a separate 2-point income tax increase on earners over $1 million. He’s seeking Albany’s buy-in from Hochul and legislative leaders to close a multibillion-dollar budget gap, though the proposals face skepticism from lawmakers and business groups.
- Mamdani’s New Albany Asks: Smaller Corporate Tax Hike, Fees on Pricey Home Sales New York Focus
- Hochul and Mamdani are all smiles, despite disagreement on taxes City & State New York
- A Sliver of NYC’s Wealthy Has Unusual Rallying Cry: Tax Me More Bloomberg.com
- NYC Council lefties butt into Albany’s tax-the-rich debate Politico
- Mayor Zohran Mamdani pushes 2-K childcare plan and praises new Siena Poll on raising taxes for millionaires ABC7 New York
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