Mamdani Wants New York Estate Tax Threshold Cut 90% to $750,000

"New York City Mayor Zohran Mamdani wants to slash New York state's estate tax exemption threshold by almost 90%, from a more than $7 million limit to $750,000, and raise the top estate tax rate from 16% to 50%. The proposal was included among nearly a dozen potential revenue-raising ideas Mamdani's office circulated in a memo in recent weeks to state lawmakers negotiating the state budget."

"Mamdani is facing a $5.4 billion city budget deficit for the fiscal year that begins July 1, and is seeking help from the state legislature in raising money to close the gap."

New York City Mayor Zohran Mamdani has proposed significant changes to New York state's estate tax as part of efforts to close a $5.4 billion city budget deficit for the fiscal year beginning July 1. The proposal would reduce the estate tax exemption threshold by approximately 90%, from over $7 million to $750,000, while simultaneously increasing the top estate tax rate from 16% to 50%. This revenue-raising measure was included among nearly a dozen potential ideas circulated by Mamdani's office in a memo to state lawmakers currently negotiating the state budget. The proposal represents an aggressive approach to generating additional state revenue to help address the city's significant fiscal shortfall.

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