Tax math showdown: Mamdani’s NYC budget hinges on two hikes
TL;DR Summary
New York City Mayor Zohran Mamdani outlines two paths to close a $5.4 billion budget gap—either a 2 percentage-point hike to the personal income tax for top earners or a 9.5% increase in the overall property tax. The piece notes that describing the income tax as “2%” can be misleading, since a two-point increase effectively raises what high earners pay by about 52%, depending on how rates are calculated. Officials and watchdogs weigh in on the nuance as it shapes how the plan is understood and sold.
- Shhh, listen. Did Mamdani say perCENT? Or percentage POINT? City & State New York
- House Democrat: Mamdani’s proposed wealth taxes ‘not going to work’ The Hill
- Real estate experts blast Mamdani’s math-defying tax plan, warn of higher rents and flight Fox Business
- NYPD budget holds near $6.4B as Mamdani's safety plans go unfunded Gothamist
- Mamdani Launches His First Salvos in New York’s Fiscal Battle The Nation
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