"Wall Street Journal editor-at-large Gerry Baker warned that New York City Mayor Zohran Mamdani 's push to raise taxes on the wealthy will be "catastrophic" as the Democratic socialist clashes with state leaders over securing approval for his tax plan. "This is socialism in action, this is the Democratic Party in action and the rest of the country's watching," he told Fox News Wednesday"
"Baker noted the Democratic power struggle between Mamdani and Hochul will not work for the mayor if he wants his plans to go through, since his tax proposal requires her approval at the state level. "He doesn't have the option to raise income taxes without approval from the governor," he said. "So, he's going to try and do it in other ways, raising property taxes.""
"Mamdani issued an ultimatum to Hochul Tuesday, vowing to raise property taxes by nearly 10% if she fails to comply with his income tax increase on the wealthy. Also Tuesday, Mamdani proposed the 2027 New York City budget, which is more than double the state budget of Pennsylvania, despite New York City having roughly half the population. New York City has $127 billion for its population of 8.4 million, while the entire state of Pennsylvania with 13 million people has $53.2 billion."
Mayor Zohran Mamdani seeks to increase taxes on the wealthiest individuals and profitable corporations to avoid resolving fiscal shortfalls on working and middle-class New Yorkers. Governor Kathy Hochul opposes the proposed income tax increases, and the mayor cannot raise income taxes without state approval. Mamdani has threatened to raise property taxes by nearly 10% if the governor does not approve higher income taxes on the wealthy. The mayor proposed a $127 billion 2027 New York City budget, which is notably larger than Pennsylvania's $53.2 billion state budget despite New York City's smaller population.
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