Tax math showdown: Mamdani’s NYC budget hinges on two hikes
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.