Extreme Mamdani estate tax proposal goes right after New York's middle class families

"This is a prime example of how the 'tax the rich' movement is actually all about taxing the middle class and those struggling to put food on their tables for their families. What can you buy in New York City for $750,000? Not much at all."

"With property values where they are today, families could be forced to sell the very homes they hoped to pass on to their children. Government cannot keep piling on taxes that punish middle-class homeowners."

"The socialist mayor wants to drastically slash the estate tax exemption threshold from the $7 million limit to just $750,000, a drop of more than 90%, according to a memo City Hall recently circulated to Albany lawmakers."

Mayor Zohran Mamdani has proposed drastically reducing New York's estate tax exemption threshold from $7 million to $750,000—a 90% reduction that would be the lowest in the United States—while increasing the top tax rate from 16% to 50%. The proposal aims to generate $4 billion to address the city's $5.4 billion budget deficit. Critics, including Republican Assemblyman Michael Tannousis and Democratic City Council Member Phil Wong, argue the measure would harm middle-class New Yorkers and homeowners. With New York City property values high, families could be forced to sell homes intended for their children to cover estate taxes. The proposal is part of a broader "Tax Revenue Raising Proposals" memo containing dozens of tax increases, including property tax surcharges and home sales taxes.

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